Market prices will not ensure the optimal allocation of natural resources through time. Not only is there likely to be “market failure,” but also one must consider the nature of technical progress and the requirements of the wider social and political system. These discourage collective action and encourage unrestrained exploitation of resources. No complete radical or Marxist analysis exists, but some suggestions are made as to the problems which such an analysis must face.
|Number of pages||9|
|Journal||International Journal of Environmental Studies|
|Publication status||Published - 1 May 1983|