Richard Lyndell Stroup (1943-2021) [1] was a free-market environmentalist and emeritus professor of economics at both North Carolina State University and Montana State University. He was co-founder of the Property and Environment Research Center (PERC) and a senior fellow. [2] He was also a research fellow at the Independent Institute, [3] adjunct scholar of the Cato Institute, and a member of the Mont Pèlerin Society. [4] At Montana State University, he served as head of the Department of Agricultural Economics & Economics from 2003 to 2006. Stroup was director of the Office of Policy Analysis in the U.S. Department of the Interior from 1982 to 1984. [5] [6]
He was coauthor with James Gwartney and others of Economics: Public and Private Choice, an economics principles textbook now in its 17th edition. [7] This textbook introduced public choice economics to a broad student audience. Public choice is the application of economic principles to governmental decision-making.
Among other writing, he contributed to Re-Thinking Green, [8] edited Cutting Green Tape [9] and was the author of Eco-Nomics: What Everyone Should Know about Economics and the Environment, which received the 2004 Sir Anthony Fisher Memorial Award. [10] He was a coauthor of Common Sense Economics: What Everyone Should Know about Wealth and Prosperity. [11]
Stroup contributed to the development of free market environmentalism and its academic forerunner, the New Resource Economics. He started with an article jointly written with John Baden, "Externality, Property Rights, and Management of National Forests" in the October 1973 issue of the Journal of Law and Economics. The article criticized the U. S. Forest Service's management of national forests and explored the possibility of private ownership of forests (including ownership by environmental groups).
Stroup received a Ph.D. in economics from the University of Washington, where he also received his bachelor's and master's degrees. He was married to Jane Shaw Stroup (Jane S. Shaw), chairperson of the James G. Martin Center for Academic Renewal (previously the John W. Pope Center for Higher Education Policy).
Environmental economics is a sub-field of economics concerned with environmental issues. It has become a widely studied subject due to growing environmental concerns in the twenty-first century. Environmental economics "undertakes theoretical or empirical studies of the economic effects of national or local environmental policies around the world. ... Particular issues include the costs and benefits of alternative environmental policies to deal with air pollution, water quality, toxic substances, solid waste, and global warming."
In economics, an externality or external cost is an indirect cost or benefit to an uninvolved third party that arises as an effect of another party's activity. Externalities can be considered as unpriced goods involved in either consumer or producer market transactions. Air pollution from motor vehicles is one example. The cost of air pollution to society is not paid by either the producers or users of motorized transport to the rest of society. Water pollution from mills and factories is another example. All consumers are made worse off by pollution but are not compensated by the market for this damage. A positive externality is when an individual's consumption in a market increases the well-being of others, but the individual does not charge the third party for the benefit. The third party is essentially getting a free product. An example of this might be the apartment above a bakery receiving the benefit of enjoyment from smelling fresh pastries every morning. The people who live in the apartment do not compensate the bakery for this benefit.
A store of value is any commodity or asset that would normally retain purchasing power into the future and is the function of the asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved.
Economic freedom, or economic liberty, is reflected in the agency of people to make social/economic decisions. This is a term used in economic and policy debates as well as in the philosophy of economics. One approach to economic freedom comes from the liberal tradition emphasizing free markets, free trade, and private property, property rights being a basic human right under the Universal Declaration of Human Rights article 17 "Everyone has the right to own property alone as well as in association with others", rights that can only be fully exercised in a free and open economy. Another approach to economic freedom extends the welfare economics study of individual choice, with greater economic freedom coming from a larger set of possible choices. Other conceptions of economic freedom include freedom from want and the freedom to engage in collective bargaining.
Free-market environmentalism argues that the free market, property rights, and tort law provide the best means of preserving the environment, internalizing pollution costs, and conserving resources.
Eco-capitalism, also known as environmental capitalism or (sometimes) green capitalism, is the view that capital exists in nature as "natural capital" on which all wealth depends. Therefore, governments should use market-based policy-instruments to resolve environmental problems.
The Foundation for Research on Economics and the Environment (FREE), based in Gallatin Gateway, Montana, is an American think tank that promotes free-market environmentalism. FREE emphasizes reliance on market mechanisms and private property rights, rather than on regulation, for protection of the environment. Its chairperson, John Baden, stresses decentralization: a shift of control from what he calls "green platonic despots" in the federal government to "local interests," including environmental groups. Citing conservation efforts such as those involving the Rocky Mountain Elk, Pheasants Forever, and Trout Unlimited, Baden asserts that the ideas FREE promotes have become "the norm among progressive, intellectually honest and successful environmentalists." FREE's mission is to attract and work with conservationists, conservatives, and classical liberals who treasure responsible liberty, sustainable ecology, and modest prosperity.
The Property and Environment Research Center (PERC), previously known as the Political Economy Research Center, is a free market environmental think tank based in Bozeman, Montana, United States. Established in 1980, PERC is dedicated to original research on market approaches to resolving environmental problems.
John A. Baden is founder and chairman of the Foundation for Research on Economics and the Environment (FREE) based in Bozeman, Montana. In addition to FREE. he cofounded the Property and Environment Research Center (PERC), the Environmental Management MBA program at the University of Washington, and Warriors and Quiet Waters. He has taught at Indiana University, Montana State University, Utah State University, and the University of Washington. Baden and his wife, Ramona Marotz-Badem, own a ranch in Gallatin Gateway, outside Bozeman, Montana.
Government failure, in the context of public economics, is an economic inefficiency caused by a government intervention, if the inefficiency would not exist in a true free market. The costs of the government intervention are greater than the benefits provided. It can be viewed in contrast to a market failure, which is an economic inefficiency that results from the free market itself, and can potentially be corrected through government regulation. However, Government failure often arises from an attempt to solve market failure. The idea of government failure is associated with the policy argument that, even if particular markets may not meet the standard conditions of perfect competition required to ensure social optimality, government intervention may make matters worse rather than better.
In economics, a common-pool resource (CPR) is a type of good consisting of a natural or human-made resource system, whose size or characteristics makes it costly, but not impossible, to exclude potential beneficiaries from obtaining benefits from its use. Unlike pure public goods, common pool resources face problems of congestion or overuse, because they are subtractable. A common-pool resource typically consists of a core resource, which defines the stock variable, while providing a limited quantity of extractable fringe units, which defines the flow variable. While the core resource is to be protected or nurtured in order to allow for its continuous exploitation, the fringe units can be harvested or consumed.
The Randolph Foundation is a New York-based charitable foundation that first operated in 1972 as the H. Smith Richardson Charitable Trust. It transitioned to independence from the Smith Richardson Foundation, assuming the name of The Randolph Foundation from 1991–1993, and was reconstituted as a NY non-profit corporation in 2002. The foundation provides funding primarily for public policy related projects. Heather Higgins is its President.
Economic Freedom of the World is an annual survey published by the Fraser Institute, a Canadian think tank. The survey attempts to measure the degree of economic freedom in the world's nations. It has been used in peer-reviewed studies, some of which have found a range of beneficial effects of more economic freedom.
Bruce Yandle is Dean Emeritus of Clemson University's College of Business and Behavioral Science and Alumni Distinguished Professor of Economics Emeritus at Clemson. He is a Distinguished Adjunct Professor of Economics at the Mercatus Center, a faculty member with George Mason University's Capitol Hill Campus, and a Senior Fellow with the Property and Environment Research Center (PERC). He has served as executive director of the Federal Trade Commission in Washington, D.C., and served as senior economist on the President's Council on Wage and Price Stability from 1976 to 1978.
A number of indicators of economic freedom are available for review. They differ in the methods by which they have been constructed, the purposes to which they have been put, and the conception of economic freedom they embody.
Terry Lee Anderson is an academic and author primarily focused on the intersection of economic and environmental issues in America. Anderson's works argue that market approaches can be both economically sound and environmentally sensitive. Influenced by the Austrian school of economic thought, his research helped launch the idea of free-market environmentalism and has prompted public debate over the proper role of government in managing natural resources.
Jane S. Shaw (also Jane Shaw Stroup) is an American free-market environmentalist, editor, and journalist. She is the former president of the James G. Martin Center for Academic Renewal and currently is chairman of its board of directors. She is a free-lance editor and manages two blogs, Janetakesonhistory.org. and libertyandecology.org.
Jeff Ray Clark is an American economist specializing in public finance, public choice, and managerial economics. He is the Scott L. Probasco, Jr. Chair of Free Enterprise at the University of Tennessee at Chattanooga.
Robert Henry Nelson was an American economist who was professor of environmental policy in the University of Maryland School of Public Policy and a senior fellow of the Independent Institute. He authored over 100 journal articles and edited book chapters, as well as nine books. Nelson was a nationally recognized authority in areas including the management of public land and zoning in the United States, but is best known for his books about the relationship between economics, environmentalism, and Christianity.
Gary Don Libecap is a Distinguished Professor at the Bren School of Environmental Science & Management and Distinguished Professor of Economics at the University of California Santa Barbara. Libecap is a research associate at the National Bureau of Economic Research; a senior fellow at the Property and Environment Research Center, and a member of the Research Group on Political Institutions and Economic Policy, Harvard University. He was the Erskine Professor at the University of Canterbury, New Zealand, 2019; Pitt Professor of American History and Institutions at Cambridge University 2010–11, and was previously the Anheuser Busch Professor of Entrepreneurial Studies, Economics, and Law at the University of Arizona.
{{cite book}}
: CS1 maint: multiple names: authors list (link)