The Environmental Deficit: Applying Lessons from the Economic Recession
University of Florida Levin College of Law Research Paper No. 2009-18
2009
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Paper Description
In 2007, the nation entered a financial downturn unprecedented since the Great Depression of the 1930s. A period of national introspection followed, including memorable moments such as Federal Chairman Alan Greenspan's gut-wrenching admission that his "whole intellectual edifice" had collapsed during the summer of 2007. Although prescriptions for financial rescue varied widely in the details, a surprisingly-broad consensus began to emerge as to the underlying pathology of the crisis. This Essay focuses on three underlying errors: rejecting rules through deregulation, trivializing risk through overly-optimistic analyses, and recklessly borrowing and lending money. Those powerful lessons, accepted by a stunned nation in the midst of financial collapse, apply with equal force to the growing environmental deficit - the unsustainable spending down of natural resource assets. I argue that the environment could benefit from a dose of the same medicine that has been prescribed for the economy: enforcing rules through re-regulation, abandoning inaccurate models of cost-benefit analysis that trivialize the risks of environmental degradation, and making a commitment to sustainable use of the country's natural capital. This Essay tells two parallel stories of fiscal and environmental unraveling, seeking to capture the cultural moment by reporting the often-frank admissions of political and intellectual leaders as they confront the crisis. The Essay features a section (Part II.A) on the curious modern phenomenon of "midnight regulations," including an Appendix showing the most recent enactments in table format.
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