Evaluating Instruments of Environmental Policy: A Comment on Professor Richards

Abstract

"In his article, 'Framing Environmental Policy Instrument Choice,' Professor Richards proposes a taxonomy of environmental policy instruments as a guide in drawing comparisons between the instruments. His logical apparatus provides a useful framework for organizing environmental policies and offers a measure of insight about the relationships among them. Professor Richards is less successful, however, in evaluating the policy instruments, largely because of his attempt to apply transaction cost economics to environmental policy."