ABSTRACT
Markets and market-mimicking procedures are increasingly used in environmental governance. Their proponents claim the absence of markets is a source of environmental problems and their extension a solution, or at least the most effective way of realising environmental goods. Their critics deny they provide effective or ethically defensible solutions to environmental problems. The use of unweighted monetary measures adversely affects the poor. Many values are incommensurable in monetary terms. Environmental problems require deliberative institutions that respond to the soundness of reasons, not the intensity of preferences. Strong sceptics claim the spread of markets is itself a source of environmental problems.
