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Title: Intergenerational equity as market failure
Contributor(s): Wright, Victor  (author)
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Abstract: Intergenerational equity is the most basic expression of the rationale for concern by one generation for the impacts of its behaviour on succeeding generations. It is not new to the world but the impact domains of the interest are. This is because the scale of some impacts are now such that the closedness of the system composed of Earth and its Sun have become clear. A natural question that arises is whether the novelty surrounding the concern implies a need for changes to behaviour and, if so, what changes to whose behaviour? Market failure is a characteristic that free markets can be identified to possess and which may warrant some form of government intervention. The possibility that intergenerational equity may intrinsically suffer market failure may imply a systematic need for government intervention in resource allocation. There are two main issues: is there systematic market failure; and, if so, what human responses are appropriate? This review goes to the first of these.
Publication Type: Working Paper
Field of Research (FOR): 140205 Environment and Resource Economics
140219 Welfare Economics
Socio-Economic Outcome Codes: 910211 Supply and Demand
910209 Preference, Behaviour and Welfare
HERDC Category Description: W Working Paper
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Series Name: Practice Change Research
Series Number : 09/06
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Appears in Collections:Working Paper

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