Neglected Features of the Safe Minimum Standard: Socio-economics and Institutional Dimensions
AbstractImportant features of the safe minimum standard (SMS) rule as outlined by Ciriacy-Wantrup are ignored in the recent literature, e.g., the critical zone, institutional and normative dimensions, and the relationship between economic and biological irreversibility. Also, seeing SMS as an adjunct to social cost-benefit analysis is inconsistent with the original concept. Since SMS is usually applied to collective commodities, consideration of normative and institutional factors is inescapable. Hence, 'unacceptably large' social costs cannot be made operational by traditional social cost-benefit analysis. Close relatives of SMS such as discontinuous objective functions, the precautionary principle and reversal of proof are also discussed, as well as the determination of SMS by social discourse
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Bibliographic InfoPaper provided by University of Queensland, School of Economics in its series Economics, Ecology and Environment Working Papers with number 48000.
Date of creation: Mar 2000
Date of revision:
Safe Minimum Standards; discontinuous objective functions; reversal of proof; the precautionary principle; Institutional and Behavioral Economics;
Other versions of this item:
- Irmi Seidl & Clem Tisdell, 2001. "Neglected Features of the Safe Minimum Standard: Socio-economic and Institutional Dimensions," Review of Social Economy, Taylor & Francis Journals, vol. 59(4), pages 417-442.
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