Waste Management Policy Formulation Using Environmental Economics

Environmental economics concepts can help shape policies for waste management by revealing how waste is generated, disposed of, and resources are allocated. Creating waste often has costs for society, like pollution, health risks, and resources scarcity. This study aims to develop theoretical paradigm based on environmental economics concepts that can promote effective management of waste. The study adopts content analysis method to develop theoretical framework. We synthesize that policies should be implemented which enforce that those who generate waste should pay for its disposal. This would hopefully lead to less waste produced and the adoption of greener methods of production. Taxes, fines, and subsidies are all examples of fiscal policy tools that can be used to encourage more responsible waste management. For example, implementing a landfill tax or a pay-as-you-throw system can provide economic incentives for waste reduction, recycling, and proper disposal. These pricing methods add a cost to the production of waste, which in turn encourages both individuals and corporations to adopt waste management strategies that are more effective. Recycling and waste reduction can be encouraged by developing market opportunities for items that would otherwise be discarded. Recycling markets can be supported by policies that promote waste-to-energy programs, introduce deposit-refund systems for specific items, or facilitate the establishment of recycling companies. These are all examples of ways that recycling markets can be developed. These approaches can stimulate economic activity, reduce waste disposal, and conserve resources. In this chapter, the constructive role of environmental economics is discussed in developing waste management policies.