ECN 321 Lecture Notes - Lecture 8: Environment And Climate Change Canada, Homo Economicus, Endangered Species Act Of 1973
5 Mar 2018
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Recall from module 5, boomer v. atlantic cement co. , court of appeal, ny (1970) - a case in which neighbours are complaining that smoke, dust and vibration from the cement company are a nuisance. The court of appeal awarded the injunction until monetary damages were paid to the plaintiffs. The judgment was with dissent, the reason being that monetary damages would be a fee to license a wrong. The common law basically rendered a result that did little to offer neighbours relief from the nuisance, nor did it contribute to the protection of the environment. In addition, atlantic cement co. engaged in the production of a product for which there was profitable exchange. The above reference to losses and benefits is a static cost benefit analysis. It ignored the potential damage the cement company could be doing to environmental capital.
