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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 ...
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.
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.
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]
Mathematically, social marginal cost is the sum of private marginal cost and the external costs. [3] For example, when selling a glass of lemonade at a lemonade stand, the private costs involved in this transaction are the costs of the lemons and the sugar and the water that are ingredients to the lemonade, the opportunity cost of the labor to combine them into lemonade, as well as any ...
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 ...
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.
Water pollution also reduces the ecosystem services such as drinking water provided by the water resource. Sources of water pollution are either point sources or non-point sources. [85] Point sources have one identifiable cause, such as a storm drain, a wastewater treatment plant or an oil spill. Non-point sources are more diffuse.