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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. It is assumed that there are no external benefits, so that social benefit equals individual benefit.
Nutrient pollution caused by Surface runoff of soil and fertilizer during a rain storm Nutrient pollution, a form of water pollution, refers to contamination by excessive inputs of nutrients. It is a primary cause of eutrophication of surface waters (lakes, rivers and coastal waters ), in which excess nutrients, usually nitrogen or phosphorus ...
Topsoil runoff from farm, central Iowa (2011). Water pollution in the United States is a growing problem that became critical in the 19th century with the development of mechanized agriculture, mining, and manufacturing industries—although laws and regulations introduced in the late 20th century have improved water quality in many water bodies. [1]
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 ...
Nonpoint sources are the most significant single source of water pollution in the United States, accounting for almost half of all water pollution, [1] and agricultural runoff is the single largest source of nonpoint source water pollution. [2] This water pollution has a number of detrimental effects on human health and the environment.
The marginal costs of a growing economy may gradually exceed the marginal benefits, however measured. Resource and neoclassical economics focus primarily on the efficient allocation of resources and less on the two other problems of importance to ecological economics: distribution ( equity ), and the scale of the economy relative to the ...
Pollution license for a given monitoring-point - a license which confers the right to emit pollutants at a rate which will cause no more than a specified increase at the pollution-level . A polluter that affects water quality at a number of points (e.g. an upstream agent) has to hold a portfolio of licenses covering all relevant monitoring-points.
The sum of the marginal benefits represent the aggregate willingness to pay or aggregate demand. The marginal cost is, under competitive market conditions, the supply for public goods. Hence the Samuelson condition can be thought of as a generalization of supply and demand concepts from private to public goods.