Growing populations and economies have increased the public's awareness that the world's environmental resources are finite. The issues of global warming and the depletion of the ozone layer have given universal significance to what were once local and regional pollution problems.
What is evident from Public Economics and the Environment in an Imperfect World is that Coasian negotiations fail to internalize the costs of environmental degradation, often calling for public intervention through the market mechanism. In its consideration of such issues the book includes...