Integration of the Natural Environment: Socially Undesirable Utilization of Natural Goods

Alfred Endres () and Volker Radke ()
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Alfred Endres: University of Hagen
Volker Radke: State University Ravensburg

Chapter 4 in Economics for Environmental Studies, 2012, pp 31-37 from Springer

Abstract: Abstract The importance of natural resources for the satisfaction of human needs both as consumer goods and as factors of production is emphasized. This is contrasted with the circular flow diagram discussed in Chap. 3, which does not represent the natural environment at all. Instead, it is proposed that the economic system is embedded into and dependant on the natural system. Based on the criteria of non-excludability and non-rivalry it is argued that natural collective goods and natural open access resources are used inefficiently in the market system. Departing from the criterion of justice, the notion of sustainable development is introduced. Some examples of policy interventions aimed at efficiency and justice in connection with the use of natural resources are sketched.

Keywords: Natural Resource; Natural Environment; Consumer Good; Ozone Layer; Normative Analysis (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-642-31193-2_4

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DOI: 10.1007/978-3-642-31193-2_4

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