Economics - Research Article from Pollution A to Z

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Economics of Pollution

The study of the economics of pollution as it relates to the environment must begin with an understanding of the nature of the economic system. This starting point is essential to any analysis of pollution economics because the basic cause of environmental problems is a specific type of market (economic) system failure.

Four Market System Goals

All economic systems that are formulated by various economists consider four central objectives: efficiency, equity, stability, and growth. Efficiency and equity concern the processes of production and consumption (and are concepts that fall under microeconomics). Stability and growth apply to the overall performance of an economy (and are concepts that fall under macroeconomics). When analyzed economically with regard to pollution (or any other subject), these four goals must be considered as interrelated.

Efficiency. The concept of efficiency is defined as the maximum consumption of goods and services given the available...

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This section contains 2,152 words
(approx. 8 pages at 300 words per page)
Buy the Economics Encyclopedia Article
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Pollution A to Z
Economics from Pollution A to Z. Copyright © 2001-2006 by Macmillan Reference USA, an imprint of the Gale Group. All rights reserved.
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