An Austrian Theory of Environmental Economics

March 9, 2005 7:21 AM by Roy Cordato

Environmental economics is steeped in standard neoclassical theories of efficiency and Pigouvian welfare economics. Austrians offer an alternative approach to the environmental that does not depend on having to define or measure what is conceptually indefinable or unmeasurable. The challenge for Austrians is to explain how we apply the theory in certain tough cases, not to explain, in reality, how it can be applied at all. [Full Article]