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Economic Incentives

Economic Incentives - Economic Incentives Why Involve Money...

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Economic Incentives
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Tragedy of the Commons: self-maximizing  Makes environmental concerns part of the  decision-making process  BUT- not all economic incentives actually help  the environment Persuasion rather than command Why Involve Money?
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Can be more cost-effective than  “command and control” policies Less enforcement costs More cost effective for companies as well as  they don’t “overpay” more than the cost of  pollution Clearer policies goals to the public Example: pollution reduction is the goal, not  bogged down in technical talk of how hiding  the ultimate goal Economic Incentive- Pros
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Simplifies government’s job- responsible for the  end goal, not the way firms achieve it Gives firms more freedom, encourages  innovation Requires less special knowledge on the part of  government Carrot-Stick approach rather than just  commanding Pros- Continued
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Less socially acceptable/trusted by  general public Can reduce but not ban Cons
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