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Wim Heijman Wageningen University, The Netherlands, E-mail: wim. heijman@wur. nl Generally speaking, externalities occur when a decision causes uncomp- sated costs or benefits to individuals or groups other than the person(s) making the decision. Examples of negative externalities are numerous in the area of the environment and natural resources. Some negative extern- ities result because a particular type of manufacturing technology is used (e. g. water and air pollution caused by industry). Other negative extern- ities occur because of the transportation system (e. g. air pollution caused by intensive car traffic). Though positive externalities draw less attention than negative externalities, their existence is obvious, for example, b- keepers who provide unpaid pollination services for nearby fruit growers or the positive network effects of a telephone system. The more people who own a telephone, the more useful the device is for each owner (Boardman et al. , 2001). From a social planner’s perspective, the existence of externalities - sults in an economic process outcome that is not socially optimal because marginal costs of the product involved do not equal its price. This implies that, in a well functioning market economy, negative externalities cause too much of a product to be produced, whereas positive externalities cause too little of a product to be produced.

Externalities (Economics) --- Environmental economics. --- Economics --- Environmental quality --- Costs, Social --- External economies and diseconomies --- External effects (Economics) --- Social costs --- Public goods --- Waste (Economics) --- Welfare economics --- Environmental aspects --- Economic aspects --- Regional economics. --- Regional planning. --- Geography. --- Regional/Spatial Science. --- Landscape/Regional and Urban Planning. --- Economic Geography. --- Cosmography --- Earth sciences --- World history --- Regional development --- Regional planning --- State planning --- Human settlements --- Land use --- Planning --- City planning --- Landscape protection --- Regionalism --- Space in economics --- Government policy --- Spatial economics. --- Urban planning. --- Economic geography. --- Geography, Economic --- World economics --- Geography --- Commercial geography --- Cities and towns --- Civic planning --- Land use, Urban --- Model cities --- Redevelopment, Urban --- Slum clearance --- Town planning --- Urban design --- Urban development --- Urban planning --- Art, Municipal --- Civic improvement --- Urban policy --- Urban renewal --- Spatial economics --- Regional economics --- Management

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A textbook about the nature of economics and the economics of nature.Is economic growth the cause of or the solution for biodiversity loss? Why do we keep drilling for oil and gas when green energy sources are cheaper? And is it possible to protect nature without government intervention? The answer to these and other questions lies in economic knowledge.But in an age when the boundaries between nature and society are becoming increasingly vague, ecology and economics are still worlds apart. Not only should economists find out more about ecology, ecologists should acquire a better understanding of economic principles and concepts: from Adam Smith's invisible hand to the Gini coefficient and from diminishing marginal utility to the Hedonic Pricing method.The aim of this book is to provide students with knowledge and an understanding of economic science and to offer them a mindset for tackling the important ecological issues of our time. The book demonstrates that economic theories are sometimes part of an ecological problem but can also offer valuable insights in the search for a solution. The textbook is intended for use on ecology courses at institutes for professional education and on science courses.