Three Pillars: Government, Market and Communities for Environment Management

Government, market, and communitiesare the three pillars of the economy. The existing books in economics on environmental policy focus on the role of one or two of these pillars in environmental management. This book comprehensively discusses the role of all these three institutions in environmental management drawing from some of the work done at the Institute of Economic Growth, Delhi during the last forty years. The government uses budgetary policy instruments of prices, taxes, public expenditures, and direct policy instruments like pollution taxes, standards, quantity restrictions, and penalties for environmental management. The market helps to manage the environment through prices, quantities, and the laws protecting property rights to environmental resources. The organised groups of people and local communities could effectively deal with environmental problems through local and international collectives to secure the efficient management of local and global commons. This is the first book on environmental policy discussing all these aspects of environmental policy in one place. It is worth noting that the research papers covered in the book are not just theoretical conceptual papers but are augmented by empirical exercises based on Indian data. It will be of interest to the students, researchers of environmental economics, and practitioners and policymakers in the arena of environmental policy. This excellent collection of papers reflects the work of the authors and others on the interlinked roles of government, markets, and collective action in achieving sustainable development. Highly recommended reading for those interested in the topic, especially in the context of developments in these areas in India. Anil Markandya, Professor Emeritus, University of Bath, UK.…