Institutional Fantasylands: From Scientific Management to Free Market Environmentalism
22 Pages Posted: 22 Feb 2013
Date Written: February 21, 1992
This article exposes the utopian parallels between scientific management and free market environmentalism as institutional paradigms for governing environmental resources. It shows that just as traditional economic analysis of environmental problems often ignores the imperfections of public institutions, the free market environmentalist perspective reflects a comparably naive view of institutions by focusing narrowly and simplistically upon the delineation and enforcement of property rights. A responsible analysis of institutional choice requires consideration of the broad array of actual and potential public institutions and the many checks and balances available for improving and constraining regulators' behavior.
Keywords: Environmental Policy, Scientific Management, Free Market Environmentalism
JEL Classification: K32
Suggested Citation: Suggested Citation