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Published in:
2008 | OriginalPaper | Chapter
The Use of Standards and Prices in Environmental Law: A Dynamic Perspective
Author : Alfred Endres
Published in: Internationalisierung des Rechts und seine ökonomische Analyse
Publisher: Gabler
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Traditionally, the economic theory of environmental law has followed the
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of internalizing externalities: external effects destroy the social optimality property of a competitive market system. By applying strategies of internalization (e.g. Pigouvian taxes) the policy maker may restore the social optimality of private equilibria.