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Download Environmental Law, the Economy and Sustainable Development: by Richard L. Revesz (editor), Philippe Sands (editor), Richard PDF

By Richard L. Revesz (editor), Philippe Sands (editor), Richard B. Stewart (editor)

This booklet presents a comparative research of environmental law in multi-jurisdictional felony and political platforms, concentrating on the U.S., the eu Union, and the overseas neighborhood. every one of those structures needs to care for environmental interdependencies that go neighborhood borders, on occasion growing nearby difficulties, akin to acid deposition, ozone style smog, and toxins of shared water our bodies. a few transjurisdictional environmental difficulties are international, together with stratospheric ozone depletion, weather swap, and the lack of biodiversity. different environmental difficulties, besides the fact that, are localized of their impact on wellbeing and fitness and the surroundings.

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The various jurisdictions set a total permissible amount of emissions as well as a tax on each unit of capital. 12 Each individual in the community, who is identical in both tastes and productive capacity, puts in a fixed period of work each week, and everyone is employed. Additional capital raises the productivity of workers, and therefore their wages. Each jurisdiction makes two policy decisions: it sets a tax rate on capital and an environmental standard. " One commentator argues that interstate competition can lead to detrimental results owing to factors such as the excessive discounting of future damages, but provides no argument for why this determination would be performed better at the federal level.

Subsequent sections examine the three most prominent justifications offered in the academic literature and in the legislative histories of the US environmental statutes for vesting responsibility over environmental regulation at the federal level. First, the "race to the bottom" rationale posits that states, in an effort to induce geographically mobile firms to locate within their jurisdictions, will offer them suboptimally lax environmental standards, so as to benefit from additional jobs and tax revenues.

225 (1997); Peter P. Swire, "The Race to Laxity and the Race to Undesirability: Explaining Failures in Competition Among Jurisdictions in Environmental Law," in Yale L. & P. /YaleJ. Regulation, Constructing a New Federalism: Jurisdictional Competence and Competition 67 (1996). My response appears in Revesz, "A Response to Critics". 41 RICHARD L. REVESZ competition among states, as sellers of a good - the right to locate within their jurisdictions - socially undesirable? Indeed, states sell location rights because, even though they might not have the legal authority to prevent firms from locating within their borders, suchfirmsmust comply with thefiscaland regulatory regime of the state in which they wish to locate.

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