Ecology and Economy: The Keynote Address Given at the 28th Annual American Law Institute-American Bar Association Environmental Law Course of Study
Editors' Summary: This Dialogue analyzes nature as a model for environmental law. The author first identifies three valuable characteristics of nature and examines how they are created by ecosystems. Next, the author argues that the centralized and hierarchical regulation of environmental law ignores nature's valuable characteristics and, in fact, directly opposes nature's decentralized niche-based structure. The author asserts that such a centralized structure of environmental regulation lacks innovation, is subject to institutional bias, and results in incomplete decisionmaking. Last, the author notes that unregulated decentralized environmental regulation fails, but suggests that the use of some decentralized systems, such as marketable pollution permits, produces efficient self-regulating incentives to create innovative pollution control.