ENV 1301 Lecture Notes - Lecture 7: North American Free Trade Agreement, Kyoto Protocol, United Nations Environment Programme

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When you add what nature does for us for free, it adds up to more than every nation could provide together ( trillion) Occurs when markets ignore: the environment"s positive impacts on economies (ecosystem services, the negative effects of activities on the environment or people (external costs) Government intervention counters market failure through: laws and regulations, taxing harmful activities, designing economic incentives to promote fairness, conservation, and sustainability. Once society agrees that a problem exists, it may persuade its leaders to solve it through policy. Policy: a formal set of general plans and principles to address problems and guide decision making. Driven by short term profits: not long term social policies. Commonly held resources will become overused and degraded: be prevented by restriction of use and management. Resources that everyone uses: people destroy commonly held resources. Environmental policies also promote fairness by eliminating external costs.

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