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Mark Sagoff has written an engaging and provocative book about the contribution economics can make to environmental policy. Sagoff argues that economics can be helpful in designing institutions and processes through which people can settle environmental disputes. However, he contends that economic analysis fails completely when it attempts to attach value to environmental goods. It fails because preference-satisfaction has no relation to any good. Economic valuation lacks data because preferences cannot be observed. Willingness to pay is benchmarked on market price and thus may reflect producer cost not consumer benefit. Moreover, economists cannot second-guess market outcomes because they have no better information than market participants. Mark Sagoff's conclusion is that environmental policy turns on principles that are best identified and applied through political processes. Written with verve and fluency, this book will be eagerly sought out by students and professionals in environmental policy as well as informed general readers.

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Book Details

ISBN: 9780521545969
ISBN-10: 052154596X
Format: Paperback
(228mm x 152mm x 18mm)
Pages: 294
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 6-Sep-2004
Country of Publication: United Kingdom

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Author Biography - Mark Sagoff

Mark Sagoff is Senior Research Scholar at the Institute for Philosophy and Public Policy, University of Maryland, College Park.

Books By Author Mark Sagoff

Economy of the Earth by Mark Sagoff

The Economy of the Earth

Paperback, December 2007
$52.16