Standard treatments of public policies for internalising environmental externalities are based on Paretian welfare theory. Though this theory is useful for typifying stationary welfare optima, it offers virtually no guidance for policies to move towards such welfare optima. In all non-trivial cases such policies affect income distribution which cannot be analysed within Pareto's approach. Attempts to disconnect efficiency and equity issues in a dynamic context are, apart from some exotic cases, mostly inconsistent. For environmental economics this could open a new research agenda in which efficiency and income distribution issues have to be dealt with together.
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