ABSTRACT
The language of environmental economics is a common language, even down to ‘internalizing externalities’, ‘demonstration and capture’, and ‘creating markets’. Environmentalists and politicians generally have seen at least some of the virtue in the economic approach. Sceptics remain and they are vocal, and that is good. Perhaps the most telling comment, however, is that the critics still find it hard to come up with a better or more convincing story about causation and solutions. Many of the changes we advocated have taken place or are taking place: environmental taxes are up and running, though perhaps not in quite the form we might have advocated; tradeable permit systems exist; polluters are paying; and the rich are paying the poor to change their behaviour towards the environment. Perhaps more important than anything is the change in corporate culture.
