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A Regulatory Framework for a Policy of Sustainability: Lessons from the Neo-Liberal School

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  • Rennings, Klaus
  • Koschel, Henrike
  • Brockmann, Karl Ludwig
  • Kühn, Isabel

Abstract

In this paper targets, institutions and policy measures for describing and implementing sustainable development are evaluated in terms of their conformity with the economic framework of a market system. Firstly, from the viewpoint of neo-liberal economic thinking as conceived by the German Freiburg school of economists (Eucken), a general set of criteria is developed, including issues of operationalization and legitimation of goals as well as institutional and instrumental issues. On this basis general rules for designing an ecological framework guaranteeing the greatest possible degree of conformity with a market system are derived. The concrete application of these rules leads to recommendations for a policy of sustainability with respect to the setting of goals, the establishment of institutions (role of ecological councils, of a central environmental organization on UN level and of the GATT/WTO regime) as well as the use of appropriate instruments. --

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Bibliographic Info

Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 97-13.

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Date of creation: 1997
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Handle: RePEc:zbw:zewdip:7133

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Keywords: sustainability targets; regulatory rules; neo-liberal framework; environment and international trade; environmental policy assessment;

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References

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  1. Young, Jeffrey T., 1991. "Is the entropy law relevant to the economics of natural resource scarcity?," Journal of Environmental Economics and Management, Elsevier, vol. 21(2), pages 169-179, September.
  2. Downing, Paul B. & White, Lawrence J., 1986. "Innovation in pollution control," Journal of Environmental Economics and Management, Elsevier, vol. 13(1), pages 18-29, March.
  3. Jörn Altmann, 1994. "International environmental standards: Considerations on principles and procedures," Intereconomics: Review of European Economic Policy, Springer, vol. 29(4), pages 176-183, July.
  4. Tom Tietenberg, 1995. "Tradeable permits for pollution control when emission location matters: What have we learned?," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 5(2), pages 95-113, March.
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  6. Hinterberger, Friedrich & Luks, Fred & Schmidt-Bleek, Friedrich, 1997. "Material flows vs. 'natural capital': What makes an economy sustainable?," Ecological Economics, Elsevier, vol. 23(1), pages 1-14, October.
  7. Milliman, Scott R. & Prince, Raymond, 1989. "Firm incentives to promote technological change in pollution control," Journal of Environmental Economics and Management, Elsevier, vol. 17(3), pages 247-265, November.
  8. Daly, Herman E., 1992. "Allocation, distribution, and scale: towards an economics that is efficient, just, and sustainable," Ecological Economics, Elsevier, vol. 6(3), pages 185-193, December.
  9. Bohm, Peter & Russell, Clifford S., 1985. "Comparative analysis of alternative policy instruments," Handbook of Natural Resource and Energy Economics, in: A. V. Kneese† & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 1, chapter 10, pages 395-460 Elsevier.
  10. Rabl, Ari, 1996. "Discounting of long-term costs: What would future generations prefer us to do?," Ecological Economics, Elsevier, vol. 17(3), pages 137-145, June.
  11. Azar, Christian & Sterner, Thomas, 1996. "Discounting and distributional considerations in the context of global warming," Ecological Economics, Elsevier, vol. 19(2), pages 169-184, November.
  12. Rennings, Klaus & Wiggering, Hubert, 1997. "Steps towards indicators of sustainable development: Linking economic and ecological concepts," Ecological Economics, Elsevier, vol. 20(1), pages 25-36, January.
  13. Markandya, Anil & Pearce, David W, 1991. "Development, the Environment, and the Social Rate of Discount," World Bank Research Observer, World Bank Group, vol. 6(2), pages 137-52, July.
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Cited by:
  1. Rennings, Klaus, 1998. "Towards a Theory and Policy of Eco-Innovation - Neoclassical and (Co-)Evolutionary Perspectives," ZEW Discussion Papers 98-24, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  2. Patricia S. Sánchez-Medina & Jack Corbett & Arcelia Toledo-López, 2011. "Environmental Innovation and Sustainability in Small Handicraft Businesses in Mexico," Sustainability, MDPI, Open Access Journal, vol. 3(7), pages 984-1002, July.

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