The Common property approach : a new paradigm in the economics of the environment

Abstract

The phenomena usually described as externalities play a major role in a number of areas of economic analysis. The most notable of these is environmental economics, but externalities are also significant in areas such as agriculture, health, and transport economics. When the related area of public goods is taken into account, the importance of these phenomena, and of the analytical and policy problems they raise, may be seen to be very great.