This article analyzes the causes of market failures in environment economy field. The causes are externalities, public goods and unclear property rights of environment resources.

本文分析了在环境经济领域市场失灵的原因是由环境问题的外部性、环境质量的公共物品性和环境资源产权不清而引起的。

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Voluntary exchange can provide public goods and internalize externalities.

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But free markets are inadequate or fail altogether in the allocation of public goods, in addressing systemic and catastrophic risks and economic externalities.

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But free markets are inadequate or fail altogether in allocating public goods efficiently and effectively, in addressing systemic and catastrophic risks, and in dealing with economic externalities.

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