Abstract
The past fifteen years have seen neoclassical economics and its various ‘free market’ offshoots replace Keynesian economics as the dominant economic philosophy around the world. Often referred to as ‘economic rationalism’ in Australia, this philosophy promotes the free play of markets, ‘unhindered’ by government intervention and control, as the best means of achieving an efficient allocation of resources and thereby maximising the welfare of society. Neoclassical economics has also entered the environmental debate, with many of its exponents arguing that the appropriate balance between environmental protection and economic development can best be achieved through market mechanisms, whether by means of market-based incentives and/or the privatisation of environmental ‘assets’.
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