ABSTRACT
Over the past half-century, the development of concepts and theories that recognise the economic value of the environment has become increasingly central to the environmental cause. As with scientific evidence, economic analysis shapes the decisions of policy makers. Yet there is no complete theory of economics and the environment, and as a consequence the environment has had little influence on the economics profession.1 Compared with environmental science, environmental economics is relatively undeveloped. Environmentalists do not subscribe to any particular economic perspective, nor do they have an alternative of their own. Instead, a series of academics have attempted to outline environmental constraints to the economic system and to move away from the focus on economic growth. Others have developed ways of ensuring environmental interests are reflected in the market economy. Controversially, this has led to the treatment of environmental resources as privately rather than publicly owned commodities. Meanwhile, the ongoing global economic crisis has provided real opportunities for environmentalists to promote a greener economic system.
