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Integration of the Natural Environment: Socially Undesirable Utilization of Natural Goods

In: Economics for Environmental Studies

Author

Listed:
  • Alfred Endres

    (University of Hagen)

  • Volker Radke

    (State University Ravensburg)

Abstract

The importance of natural resources for the satisfaction of human needs both as consumer goods and as factors of production is emphasized. This is contrasted with the circular flow diagram discussed in Chap. 3, which does not represent the natural environment at all. Instead, it is proposed that the economic system is embedded into and dependant on the natural system. Based on the criteria of non-excludability and non-rivalry it is argued that natural collective goods and natural open access resources are used inefficiently in the market system. Departing from the criterion of justice, the notion of sustainable development is introduced. Some examples of policy interventions aimed at efficiency and justice in connection with the use of natural resources are sketched.

Suggested Citation

  • Alfred Endres & Volker Radke, 2012. "Integration of the Natural Environment: Socially Undesirable Utilization of Natural Goods," Springer Texts in Business and Economics, in: Economics for Environmental Studies, edition 127, chapter 4, pages 31-37, Springer.
    • Handle: RePEc:spr:sptchp:978-3-642-31193-2_4
    DOI: 10.1007/978-3-642-31193-2_4
    as

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