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Sustainable Development by Means of Market Distribution Mechanism

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Type: Conference Paper
Author: Örebech, Peter
Conference: 51st International Conference of the Applied Econometrics Association
Location: Tromso, Norway
Conf. Date: 1995
Date: 1995
Sector: Theory
Subject(s): sustainability
tragedy of the commons
property rights
Coase theorem
prisoner's dilemma
Abstract: "My contribution is interdisciplinary, laying particular stress on legal- and social science. As the governmental decision process is subject to management barriers, the exit of Political Resource Distribution Control is my point of departure. Having documented its inability to cope with the problem of sustainability, I turn to the Market Distribution Mechanism as the appropriate instrument. As Market arrangements suffer from institutional weakness and failures, the problem then is to develop a strategy of integrating the full social cost of mismanagement of resources and pollution, into all private costs."

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