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The marginal private cost is less than the marginal social or public cost by the amount of the external cost, i.e., the cost of air pollution and water pollution. This is represented by the vertical distance between the two supply curves.
The first benefit (or dividend) is the benefit or welfare gain resulting from a better environment and less pollution (caused by a Pigouvian tax imposed on the producer), and the second dividend or benefit is a more efficient tax system due to a reduction in the distortions of the revenue-raising tax system, which also produces an improvement ...
A practical definition of water pollution is: "Water pollution is the addition of substances or energy forms that directly or indirectly alter the nature of the water body in such a manner that negatively affects its legitimate uses." [1]: 6 Water is typically referred to as polluted when it is impaired by anthropogenic contaminants.
An ecotax allows governments to better manage the pollution caused directly or indirectly by industry. The polluter pays principle underpins environmental policy such as an ecotax, which, if enacted by government, deters and essentially reduces greenhouse gas emissions. This principle is based on the fact that as much as pollution is ...
Environmental policy is the commitment of an organization or government to the laws, regulations, and other policy mechanisms concerning environmental issues.These issues generally include air and water pollution, waste management, ecosystem management, maintenance of biodiversity, the management of natural resources, wildlife and endangered species. [1]
The method of the eco-costs is based on the sum of the marginal prevention costs (end of pipe as well as system integrated) for toxic emissions related to human health as well as ecosystems, emissions that cause global warming, and resource depletion (metals, rare earths, fossil fuels, water, and land-use). For a visual display of the system ...
There has been criticism that water bosses have received bonuses despite sewage pollution rising. Thames Water's chief executive Chris Weston was paid a 195,000 pound bonus for three months' work ...
In economics, a common-pool resource (CPR) is a type of good consisting of a natural or human-made resource system (e.g. an irrigation system or fishing grounds), whose size or characteristics makes it costly, but not impossible, to exclude potential beneficiaries from obtaining benefits from its use.