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Sirico Parables book

The principles for guiding the proper stewardship of economic resources apply equally to the stewardship of natural resources. This section will examine different perspectives for allocating the scarce resources of the earth. It will emphasize an economic perspective that serves both the needs of the human person and maintains the integrity of creation, while safeguarding the moral conditions for an authentic human ecology.

A strong understanding of economic principles and their impact on the market structure are fundamental to a proper Environmental Stewardship. A majority of market systems use a 'cost-benefit' calculation to evaluate a good's sum cost. Within this 'cost-benefit' structure under the environmental framework, several differences of opinion emerge. These differences form various segments of public policy and public life. They have direct impact on market forces and they can encourage or discourage a strong environmental stewardship. "Coase, Pigou, and Environmental Rights" simplifies the arguments into two forms. Placing a perceptive of cooperation and relation between the two-Coase and Pigou-Bruce Yandle opens a door to a more defined framework.