Economists understanding and statement of the environmental problem are likely to contrast from those of economists not trained with economic reasoning. One difference is that a layperson is likely to favor a program of direct regulation, in which the scarce resource to be controlled is directly limited by the government. Economists are likely to oppose that solution because it does not achieve the desired objective at the lowest cost possible in total resources regardless as …
showed first 75 words of 873 total

showed last 75 words of 873 total
…economist is expected to focus on market incentives, while an unskillful environmentalist could utilize an inefficient policy to the society as a whole. The thought of exterminating every source of pollution available should be considered very carefully, since its cost is very high until the point that might possibly exceed its benefits. The issue of environmental programs is complicated and requires a careful reflection before being applied, especially by equating marginal costs with marginal benefits.