Regulation and Market Forces

Paper Summary:

The paper examines the effectiveness of Canada's aggressive regulatory regime in controlling pollution emissions by the Canadian petroleum industry. The paper places particular emphasis on information asymmetries between government and industry. The paper shows the flaws of government regulation and concludes that were the government to instead invest in systematically promoting environmental awareness among the public, it would clearly have a significant impact upon the petroleum industry through market forces.

Outline:
Introduction
The Canadian Petroleum Industry
Information Asymmetries and the Pigouvian Tax
Regulation and its Discontents
Conclusion

From the Paper:

"The question of the effectiveness of aggressive regulatory intervention in the marketplace is a complex one given how it balances economic theory and legal principles within the context of political realities. The complexity of this is due to the extremely high level of variables that must be incorporated into an analysis in order to fully understand the problem at hand. In this regard, the Canadian regulatory regime of pollution controls on the country's petroleum industry represents an excellent example through which we may understand the complexity of analysis of government practices in this regard."

Sample of Sources Used:

• Burrows, Paul. "Pigouvian Taxes, Polluter Subsidies, Regulation and the Size of a Polluting Industry." The Canadian Journalof Economics. 12.3 (1979): 494-501.
• Canadian Association of Petroleum Producers. "Industry Factsand Information." Accessed: November 8, 2006.http://www.capp.ca/default.asp?V_DOC_ID=603
• Georg, S. "Regulating the Environment: Changing from Constraint toGentle Coercion." Business Strategy and the Environment.3.2 (1994): 11-20.
• Harrison, K. "Is Cooperation the Answer? Canadian Environmental Enforcement in a Comparative Context." Journal of PolicyAnalysis and Management. 14.2 (1995): 221-244.
• Harrison, K. "Talking with the Donkey: Cooperative Approaches to Environmental Protection." Journal of Industrial Ecology.2.3 (1999): 51-72.

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