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NEW A Preview of Chapter Three of Fundamentals of Environmental Economics READ HERE

In this post, I preview chapter 3 of my new $2 Amazon book; Fundamentals of Environmental Economics.   Chapter 3 takes a sober look at the role that government plays in determining urban quality of life and mitigating urban environmental externalities.

The chapter begins by discussing the television show The West Wing.  "The West Wing staring Martin Sheen as the avuncular President of the United States.   He was an ideal figure who knew right from wrong.  He even had a Ph.D in Economics and had won the Nobel Prize in this esteemed field!   In a typical episode, he would always do “the right thing” as he acted as a benevolent leader selflessly pursuing the public’s interest.  But, what is the “right thing”?"

I ask the reader to think about what the words "good environmental policy" mean in a diverse society in which any policy will create some winners and losers. I use this rhetorical device to introduce the Hicksian criteria for judging social welfare (can the winners from the policy compensate the losers?).    

I then ask a question of whether regulators who are not elected and serve and have much discretion over their enaction of policies have the right incentives to follow through with the broad vague mandates that Congress trusts them to implement (i.e deliver clean air and clear water).

I then assume that I'm being too cynical and I solve for the optimal pollution tax to introduce on a polluting steel factory so that it internalizes the damage imposed by its pollution.  I argue that a double dividend is possible of taxing pollution and lowering other distortionary taxes.  In this sense, my book touches on public finance issues and balanced budget conditions that many other environmental texts ignore.   

The chapter then turns to what factors stimulate the demand for environmental regulation at the Federal level.  Festering quality of life challenges and recent salient disasters are both discussed as catalysts of regulation.  

I then turn to the role of state and local regulation in mitigating urban externalities. 

The chapter then does a little bit of algebra as a pollution permit market is introduced as one economic mechanism for incentivizing pollution reduction.  

While an intent of pollution per markets is to reduce pollution externalities, it is often the case that environmental regulation has unintended consequences.  In Chapter 3, I offer several examples from the U.S history over the last 35 years.    

I then turn to a more recent trend of relying on information regulation where government is a trusted source of information and it spreads this information in an attempt to change household behavior.  For example, Smog Alerts educate the public that the next day will be smoggy. If households respond by spending less time outside on polluted days then this information can break the link between outdoor pollution and individual sickness because people have engaged in self protection.  

The chapter then investigates how government policy by keeping water and electricity prices too low can actually cause environmental damage.  Government faces a series of tradeoffs and in its concern to protect the purchasing power of the poor and middle class it can send the wrong scarcity signals.  

In addition to discussing all of these topics, Chapter 3 goes on to discuss government's role in providing public goods such as subways and in the case of China Bullet Trains.   I end the chapter by presenting an algebra example of the classic free rider problem in public goods provision of "bald eagles" in the case when there is no government.   You must admit that this is a fair bit of content for one chapter in a $2 book!

 

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