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Hard-cover • 2023
Pages: 338
ISBN: 9789332706286
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AF Press

Three Pillars

Government, Market, and Communities for Environment Management

M.N. Murty‚ Surender Kumar (Eds.)

About the Book

Government, market, and communitiesare the three pillars of the economy. The existing books in economics on environmental policy focus on the role of one or two of these pillars in environmental management. This book comprehensively discusses the role of all these three institutions in environmental management drawing from some of the work done at the Institute of Economic Growth, Delhi during the last forty years. The government uses budgetary policy instruments of prices, taxes, public expenditures, and direct policy instruments like pollution taxes, standards, quantity restrictions, and penalties  for environmental management. The market helps to manage the environment through prices, quantities, and the laws protecting property rights to environmental resources. The organised groups of people and local communities could effectively deal with environmental problems through local and international collectives to secure the efficient management of local and global commons. This is the first book on environmental policy discussing all these aspects of environmental policy in one place. It is worth noting that the research papers covered in the book are not just theoretical conceptual papers but are augmented by empirical exercises based on Indian data. It will be of interest to the students, researchers of environmental economics, and practitioners and policymakers in the arena of environmental policy.

Praise for this book

“The book is unusual and important in that it draws together, from a theoretical and practical perspective, all three of the roles of government, of markets, and of communities in managing environmental externalities. Further, it sets its analysis in the context of the real difficulties that have to be tackled, including organisation and transaction costs limits of taxation instruments and of information and fiscal federalism. It concentrates particularly on India, but its lessons are broader. It embodies the scholarly work of Professor M.N. Murty and his colleagues, primarily at the Institute of Economic Growth and the Delhi School of Economics at the University of Delhi over four decades. This is a thoughtful and substantial volume, offering sound and analytical insights on how we can and must rise to the challenges of the severe environmental problems the world now faces”.
— Lord Nicholas Stern, Professor, London School of Economics, UK


“This edited volume of essays addresses issues related to Environmental Sustainability by looking at the ‘three pillars’, namely, markets, government, and communities that will provide the basis for policy interventions. Its recognition that effective policies require multiple engagements, and the government, the markets, and the communities need to work in tandem rather than in isolation is a special feature of the book. In dealing with a topic of much current interest and in containing a mix of analytical work, rigorous calculations, and empirical evidence, the book is timely and will be useful for academic courses, further research, and for policymakers.”
— Ranjan Ray, Professor of Economics, Monash University, Melbourne


“This excellent collection of papers reflects the work of the authors and others on the interlinked roles of government, markets, and collective action in achieving sustainable development. Highly recommended reading for those interested in the topic, especially in the context of developments in these areas in India.”
— Anil Markandya, Professor Emeritus, University of Bath, UK


“Since the introduction of economic reforms in India and other developing countries, Government, Market, and Communities have constituted three almost equally important pillars of the management of the environment which exhibit the features of public good services. Prof. Murty and Kumar’s book is going to make a very timely and important contribution to developing our knowledge base of environmental management. I am sure the book will be considered very useful and valuable by students, teachers, as well as management and policy experts working in the area.”
— Ramprasad Sengupta, Professor Emeritus of Economics, Jawaharlal Nehru University, New Delhi

About the Author(s) / Editor(s)

M.N. Murty is a Professor Retired, Institute of Economic Growth, University Enclave, Delhi 110007. He is a Fellow and Resource Person, South Asian Network for Environment and Development Economics (SANDEE) and a Fellow, Indian Society for Ecological Economics (INSEE). He specializes in Environmental and Resource Economics and Public Economics. He authored/Co-authored 9 books including four books published by Oxford University Press, one each by Cambridge University Press and SAGE. He published 75 research papers including many papers in international journals.  He was a Visiting Ford Foundation Fellow, Department of Economics, University of Birmingham, U.K, Visiting Fellow, Institute of Developing Economies, Japan, Visiting Fellow, London School of Economics, UK, Visiting Professor, National Institute of Public Finance and Policy, New Delhi, Visiting Professor at TERI University, Delhi and Senior Research Associate, Project on Indian Fiscal Systems, University of Warwick, U.K.  He was the Coordinator of World Bank Funded Faculty Upgradation Programmes in Environmental and Resource Economics organised at several institutes and universities in India. He was a Consultant for World Bank, Asian Development Bank, International Crop Research Institute (ICRISAT), and ESCAP.
Surender Kumar is a Senior Professor and Head, Department of Economics, Delhi School of Economics, University of Delhi. He had been the Dean, Faculty of Social Sciences, University of Delhi. He had been a Visiting Fellow at the University of Illinois at Urbana-Champaign (USA) and a Senior JSPS Fellow at the Yokohama National University Yokohama (Japan). He also served as the Director (Acting), Agricultural Economics Research Centre, University of Delhi. Professor Kumar has been working in the areas of Environmental & Resource Economics and Climate Change & Energy Economics. He also extends his ambit of research to Productivity and Efficiency measurement and Applied Econometrics. Prof. Kumar has co-authored three books including two books by Springer and one book by Oxford University Press and 80 papers in cherished journals.


Sukanya Das, Associate Professor, TERI School of Advanced Studies, TERI University, Delhi.
P.B. Nayak, Professor Rtd. Delhi School of Economics, Delhi.
Kishore K. Dhavala, Associate Professor, Nalanda University, Nalanda, Bihar.
Kavita Sardana, Asst. Professor, TERI School of Advanced Studies, TERI University, Delhi.
Sushama Murty, Professor, School of International Studies, CITD, Jawaharlal Nehru University, Delhi.
Kanchan Chopra, Professor Rtd. and Former Director, Institute of Economic Growth, Delhi.
Gopal K Kadekodi, Former Professor, Institute of Economic Growth and Former Director, ISEC, Bangaluru.
Manoj Panda, Former Director, Institute of Economic Growth, Delhi.
William Joe, Assistant Professor, Institute of Economic Growth, Delhi.

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