The Costs and Benefits of Environmental Regulation

The Costs and Benefits of Environmental Regulation

Imad A. Moosa and Vikash Ramiah

The Costs and Benefits of Environmental Regulation presents a thorough investigation into environmental regulation, its economic and financial effects and the associated costs and benefits. A variety of issues, pertaining to regulation in general and environmental regulation in particular, are examined. These issues include the theories of regulation and how it is viewed in terms of the free market doctrine, forms of regulation, command-and-control regulation as opposed to market-based regulation and the cost–benefit analysis of environmental regulation.

Chapter 13: Summary and concluding remarks

Imad A. Moosa and Vikash Ramiah

Subjects: economics and finance, environmental economics, environment, environmental economics, environmental governance and regulation, politics and public policy, environmental governance and regulation

Extract

This book is about environmental regulation, its economic and financial effects and the associated costs and benefits. To evaluate the arguments for and against environmental regulation we raised and attempted to answer several questions, the most important of which is whether or not environmental regulation has adverse effects on the economy and the businesses operating within the economy. We have also raised and attempted to answer several questions pertaining to regulation in general and environmental regulation in particular. In this chapter we summarize our discussion of the major issues and present an outline of the empirical evidence gathered from studies of environmental regulation. The following are the major questions raised and issues discussed in the book: 1. The arguments for and against regulation. 2. The arguments for and against environmental regulation. 3. The arguments for and against command-and-control (CAC) regulation as opposed to market-based regulation. 4. The arguments for and against cost–benefit analysis (CBA). 5. The empirical evidence on the determinants of environmental performance as well as the effects of environmental regulation on the costs of production, plant location, firm-level productivity, stock prices and returns, profitability, market value, financial risk, employment, competitiveness, international trade, aggregate output and aggregate productivity. The arguments for and against were covered in Chapters 1 to 6, whereas Chapters 7 to 10 covered the empirical evidence on the effects of environmental regulation. Chapters 11 and 12 were about the experience of two countries with environmental regulation: Australia and China.

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