Research on the Property Rights Market System in the Ecological Field

Author: Liao Weidong
Publisher:
Publish Date: 2004-12-01
Features: The institutional design of the property rights market in the ecological field is currently a focal point and challenge in ecological environmental economic research. After more than 30 years of development, foreign ecological economic theoretical research has achieved three substantial breakthroughs: First, recognizing that ecological resources have "natural value"; Second, incorporating the appreciation of ecological capital into the core of sustainable development; Third, introducing property rights economics into the analysis of ecological economic theory. The proposal of Pigouvian taxes and Coase's theorem of efficiency and neutrality laid the foundation for property rights economics to enter ecological economic research.
Ecological products are products with external effects. Whether external products belong to public goods, quasi-public goods, or independent products, there is still significant controversy in academic circles. In fact, external products are still primarily studied in economic theory literature as a unique type of product. In my opinion, external products are essentially public goods, although they involve third-party effects and external problems can exist at both production and consumption stages, making them more complex than generally defined public goods. However, their "third-party products" possess the two fundamental characteristics of public goods: non-rivalry and non-excludability in consumption.
The distinctive features or innovations of this book are primarily reflected in the research perspective, with innovations manifested in the following aspects: First, introducing mixed market theory and researching the operational mechanisms of mixed markets to explore and reveal the optimal design of ecological property rights market institutions. Second, designing the institutional framework of ecological property rights markets from the perspective of government-market-enterprise alignment. Third, studying the institutional arrangements for the government's effective regulation of ecological economy. Fourth, researching the ecological public regulation system. Fifth, studying the external institutional environment for enterprises to effectively trade ecological property rights.