55 III. Economics and global climate change From an economic angle, analyses on greenhouse gas emissions represent both environmental externalities (a fairly neoclassical economic concept) and the overexploitation of a common-property resource (Harris, 2006, p. 404). Environmental negative externalities are usually dealt with either through legislation, such as command-and-control decrees, or through the use of incentives, such as market incentives, or some combination of the two.14 Market-based incentives, such as eco-taxes or subsidies for the development of more efficient techniques (e.g., innovation) or the adoption of less pollution-intensive technologies, have become more and more common. There are two major problems with the logic of market-based incentives. First, the valuation at market prices of the extent of the externality is a conceivably difficult (at best) if not and impossible process (at worst). Second, and to the extent reparations to third non-consented parties afflicted by the damages associated with the negative externality are accomplished (the best case scenario), it is hard to imagine how we might reengineer markets so incentives may be extended to compensate (or restore) any and all externality-driven disruptions that afflict biodiversity, ecosystem resilience and adaptability. In other words, the best thing that can happen according to the theory of environmental externalities is for species to be complacent with some “optimal level of pollution” (Harris, 2006, p. 49). 14 Inherent in legislative action and market incentives the notion of the polluter pays principle or extended polluter responsibility in the case of a negative externality. Fotografía: Imageafter
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