Into the wilderness within

Jason Shogren

Environment and Development Economics, 1998, vol. 3, issue 2, 221-262

Abstract: Levin et al. deliver a sweeping lecture on the state of nature and society. They point out that economic and ecological systems are linked, this linkage is complex, and that in the litany of environmental disasters that awaits us ‘none can be treated by traditional markets, or regulatory policies.’ Markets fail because they do not aggregate information accurately; corrective policies fail too because lobbying efforts serve to polarize rather than galvanize public debate. Policymakers, social planners, and researchers are asked to rethink their typical conduct, and instead focus on the construction of flexible and adaptive institutions that can accommodate the uncertain future in a way that maintains human welfare. Trust and intellectual guidance are the ties that bind a better world to these undefined, but resilient new institutions.

Date: 1998
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