GEOG 2210 Lecture Notes - Lecture 3: Ecosystem Services, Coase Theorem
16 Oct 2017
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The coase theorem: suggests that environmental problems can be solved most efficiently through contracts, ex. We must be willing and able to assign an economic cost to environmental goods and services. This allows markets to work in a way that protects the environment. Green consumption: rest on the decisions of individual consumers, we face choice with some of them advertised as environmentally friendly. Issue is that markets aren"t good at valuing environmental goods and services: if we want to be more ecocentric then there is a fundamental disconnect not easily overcame. Can"t really place economic value on the ability for a forest to provide clean water. The market response model relies on strictly economic terms to measure success: market and commodity approaches are not capable of effectively managing complex environments, such as a river. Institutions and (cid:498)the commons(cid:499: the benefits of creating the problem may be unevenly distributed while the costs are borne collectively, ex.
