chapter  8
22 Pages

ECONOMICS OF THE ENVIRONMENT

WithDavid W. Pearce

The effective origins of environmental economics as a discipline lie in the 1960s at the time of the first environmental revolution. It seems wrong to date its emergence as a coherent body of thought any earlier because, by and large, modern environmental economics makes substantive use of neoclassical welfare economics, the principles of which were not fully codified until the work of Little (1950) and De Graaf (1957). None the less, there are significant precursors. The major contributions prior to the 1960s were in the following areas.