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Human Well-Being and the Natural Environment$
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Partha Dasgupta

Print publication date: 2001

Print ISBN-13: 9780199247882

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0199247889.001.0001

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Economic Institutions and the Natural Environment

Chapter:
(p.107) 7 Economic Institutions and the Natural Environment
Source:
Human Well-Being and the Natural Environment
Author(s):

Partha Dasgupta (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199247889.003.0010

Three systems of rights to natural resources are studied in Ch. 7: private, communal, and state. Institutional failures are shown to be the cause of inefficiencies and inequities, both in momentary allocations of resources and in the inter‐generational transfer of resources. It is argued that in the world we have come to know, there is a bias in the use of the natural environment, in that use at any moment is excessive, not insufficient. Since observed prices frequently do not reflect the social worth of natural resources, use should be made of notional prices, called accounting prices.

Keywords:   accounting prices, efficiency, environment, equity, institutional failure, inter‐generational transfer, natural resources, resource allocation, resource rights, social worth

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