Property Rules, Liability Rules, and Environmental Economics

Abstract

recent appearance of W. J. Baumol's and Wallace Oates's Theory of Environmental Policy [1975] and a survey article in the Journal of Economic Literature, The Environment in Economics [Fisher and Peterson 1976], may be thought of as signaling the full emergence and recognition of a subdiscipline within economics concerned with the environment. Theory of Environmental Policy is an attempt to employ general equilibrium models in the Pigouvian tradition of external effects. It is rigorous in the current comprehension of that term, and it is reasonably exhaustive. Of course, earlier work concerned with the postwar literature on externalities [Mishan 1971], materials balance [Ayres and Kneese 1969], the problem of social costs [Coase 1960], a taxonomy for externalities [Buchanan and Stubblebine 1962], the anatomy of market failure [Bator 1958]. and market solutions to externality problems [Randall 1972]

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