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The role of New Institutional Economics (NIE) in the design of institutions, efficient governance and formulation of policy framework for GEP are explained. The distinctions between various imperatives of environmental sustainability, sustainable growth, and sustainable development are examined in the context of devising GEP. Ecosystem approaches and ecological economic approaches are explained with applications in various sectors, including international trade. The roles of unsustainable production and consumption systems are summarized. The roles of environmental taxes are also examined. After examining the limitations of conventional economics, role of NIE (including transaction cost economics) as well as of revised neoclassical economic in GEP is explained.
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- Basic Elements of Green Economics
Prof. P. K. Rao
- Springer Berlin Heidelberg
- Chapter 2
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