A folk theorem in environmental economics suggests that in the presence of transboundary environmental spillovers international negotiations may improve on environmental quality. More so, if side-payments according to the victim-pays principle are undertaken, environmental safeguards agreed upon...

Much of what may be coined the creeping degradation of the environment is due to economic projects which are subject to public approval. The erection of buildings, the siting of factories, all require permission from bureaucracies. To answer the question whether there is too much or not enough...