Can the Market Take Care of the Environment? (What the Literature Says about Marketable Permits)

Arianto Patunru

Economics and Finance in Indonesia, 2004, vol. 52, 263-278

Abstract: The key objective of this paper is to bring about the notion of “marketable permits” into consideration in Indonesian academic and policy-level discourse on environmental issues. It shows how economics has evolved in its mission to find a way around preserving the environment while ensuring economic activities. As an alternative to the more traditional yet widely adopted, “command-and-control” approach, economists have offered a relatively new approach, namely “tradable marketable permits”. It is another alternative from the “market” approach, previously represented by the “tax and/or subsidy” approach. This paper focuses on the marketable permits. In particular, it summarizes the recent development in the field with a hope to provide a fruitful alternative to help solve the problem in Indonesia. Nevertheless, some caveats are discussed.

Keywords: Marketable; permits-Imperfect; market-Environmental; issue (search for similar items in EconPapers)
JEL-codes: Q56 Q58 Q59 (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:lpe:efijnl:200413

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