Measures of Non-Market Costs and Benefits

A common problem in resource and public health markets is that some costs or benefits go unaccounted by the market. This can lead to economic losses and market inefficiencies. Examples include air and water pollution, excessive fishing effort in fisheries, and land use conversions. In the summer of 2004, Main Street Economics is undertaking an analysis of commercial and non-market environmental costs of sub-optimal management of the oyster fishery in the Chesapeake Bay. Robert Wieland's book, "Why People Catch Too Many Fish", addressed the fundamentals of the common property problem in open-access fisheries. In 2002 and 2003, Main Street Economics incorporated non-market values for forestland in Maryland into the analysis of policies aimed at supporting the State's forest resource base. In his assessment of environmental regulations and policies in Sri Lanka, Robert Wieland addressed both the non-market health and environmental costs of industrial production and the regulatory compliance, monitoring and enforcement costs of existing policies.