By David Schoenbrod, Richard B. Stewart and Katrina M. Wyman, Yale University Press, 151 pages, $35
This slender but by no means modest volume seeks to redesign U.S. environmental policies for the next several generations and to outline for the Obama Administration how it should go about that task. The authors’ central premise is that “hierarchical” environmental regulation, while useful to launch the environmental era in the 1970s, is now collapsing of its own bureaucratic weight and should be largely replaced by flexible self-regulating market mechanisms like the “cap and trade” provisions that helped reduce sulfur dioxide emissions in the electric power industry in the 1990s.
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