Magazine
Latest Issue

Nicholas Stern has shown that market forces can be harnessed to reduce environmental damage, by making the hidden costs of such damage visible. The basic idea is that if the cost of a detriment can be identified, then spending a comparable amount to remove it means no diminution of overall economic wellbeing. (Think of the investment following the Clean Air Act after the great London fog of 1952: overall benefits vastly exceeded costs).

The most important figure in the Stern report is the placing of a monetary value on the costs of a tonne of carbon dioxide. This figure is…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to letters@prospect-magazine.co.uk

More From Prospect