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William Baumol - The theory of environmental policy (1975)

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This book is... devoted to the study of economic policies to enhance the quality of life. Our willingness to embark on so considerable a subject only reflects our conviction that economists as a body have already made sufficient headway on these problems to make such an undertaking worthwhile.

William Baumol
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The price-tax conditions necessary to sustain the Pareto optimality of a competitive market solution under the assumed convexity conditions are tantamount to standard Pigovian rules, with neither taxes imposed upon, nor compensation paid to, the victims of externalities.

William Baumol
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We cannot simply rely on a program of pollution abatement in country A [the polluting country] for this would impose costs on A with no offsetting benefits to the polluting country. The OECD's Polluter-Pays-Principle is thus inconsistent with our insistence on a Pareto improvement. Mutual gains to the countries necessarily require the victim country B to make some payments to A.

William Baumol

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Look in the mirror. The face that pins you with its double gaze reveals a chastening secret. You are looking into a predator's eyes. Most predators have eyes set right on the front of their heads, so they can use binocular vision to sight and track their prey.
Diane Ackerman

William Baumol

William Baumol

Born: February 26, 1922
Died: May 4, 2017 (aged 95)
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