and flexibility offers greater promise than a command-and-control approach when trying to oversee millions

of acres of privately owned land.

Applying Market-Oriented Environmental Tools

Market-oriented environmental policies are a tool kit. Specific policy tools will work better in some situations

than in others. For example, marketable permits work best when a few dozen or a few hundred parties are

highly interested in trading, as in the cases of oil refineries that trade lead permits or electrical utilities that

trade sulfur dioxide permits. However, for cases in which millions of users emit small amounts of

pollution—such as emissions from car engines or unrecycled soda cans—and have no strong interest in

trading, pollution charges will typically offer a better choice. We can also combine market-oriented

environmental tools. We can view marketable permits as a form of improved property rights. Alternatively, the
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