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The environment as a commodity

, : The environment as a commodity. Economic policy towards the environment: 25-51

The market failure approach treats the environment as a commodity. It has an implicit price, and can therefore be evaluated. In looking at this commodity approach, the chapter argues that all commodities are traceable to natural resources and that the optimal allocation of these resources rests on the presence of markets whose institutions are much more general than the price mechanism alone.

Accession: 002249894

DOI: 10.1093/oxrep/6.1.51

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