Poisoned for Pennies : The Economics of Toxics and Precaution

“Cost-benefit analysis” is a term that is used so frequently we rarely stop to think about it. But relying on it can lead to some dubious conclusions, as Frank Ackerman points out in this eye-opening book. For example, some economists have argued that states should encourage—and even subsidize—cigarette smoking by citizens because smoking will shorten life spans and therefore reduce the need and expense of caring for the elderly. How did the economists reach that conclusion? The answer is cost-benefit analysis, Ackerman explains. Then in clear, understandable language, he describes an alternative, precautionary approach to making decisions under uncertainty. Once a mere theory, the precautionary principle has now been applied in practice through the European Union's REACH protocol. Citing major studies, many of which he has directed, he shows that the precautionary approach has not only worked, but has been relatively cheap. Poisoned for Pennies shows how the misuse of cost-benefit analysis is impeding efforts to clean up and protect our environment, especially in the case of toxic chemicals. According to Ackerman, conservatives—in elected office, in state and federal regulatory agencies, and in businesses of every size—have been able to successfully argue that environmental clean-up and protection are simply too expensive. But he proves, that is untrue in case after case. Ackerman is already well known for his carefully reasoned attacks on the conventional wisdom about the costs of environmental regulation. This new book, which finds Ackerman ranging from psychological research to risk analysis to the benefits of aggressive pesticide regulation, and from mad cow disease to lead paint, will further his reputation as a thought leader in environmental protection. We can't afford not to listen to him. Title Page......Page 6 Copyright Page......Page 7 Table of Contents......Page 8 Acknowledgments......Page 10 Introduction......Page 14 Ch. 1: Pricing the Priceless......Page 30 Ch. 2: Was Environmental Protection Ever a Good Idea?......Page 60 Ch. 3: The Unbearable Lightness of Regulatory Costs......Page 92 Ch. 4: Precaution, Uncertainty, and Dioxin......Page 112 Ch. 5: The Economics of Atrazine......Page 124 Ch. 6: Ignoring the Benefits of Pesticides Regulation......Page 142 Ch. 7: Mad Cows and Computer Models......Page 158 Ch. 8: Costs of Preventable Childhood Illness......Page 170 Ch. 9: Phasing Out a Problem Plastic......Page 190 Ch. 10: The Costs of REACH......Page 212 Ch. 11: Impacts of REACH on Developing Countries......Page 228 Ch. 12: How Should the United States Respond to REACH?......Page 246 Conclusion: Economics and Precautionary Policies......Page 256 Appendix A: Outline of the Arrow-Hurwicz Analysis......Page 262 Appendix B: The Fawcett Report on Atrazine Research......Page 266 Appendix C: How Not to Analyze REACH: the Arthur D. Little Model......Page 270 Appendix D: U.S. Impacts of REACH: Methodology and Data......Page 276 Notes......Page 282 Bibliography......Page 318 Index......Page 340 Pricing the priceless Cost-benefit analysis of past decisions The unbearable lightness of regulatory costs Precaution, uncertainty, and dioxin The economics of atrazine Ignoring the benefits of pesticides regulation Modeling uncertainty: the US response to BSE Costs of preventable childhood illness Phasing out a problem plastic The costs of REACH Impacts of REACH on developing countries How should the US respond to REACH? Conclusion: economics and precautionary policies. Shows how the misuse of cost-benefit analysis is impeding efforts to clean up and protect our environment. Ackerman describes an alternative, precautionary approach to making decisions under uncertainty. Once a mere theory, the precautionary principle has now been applied in practice through the European Union's REACH protocol. He shows that the precautionary approach has not only worked, but has been relatively cheap. From publisher description Shows how the misuse of cost-benefit analysis is impeding efforts to clean up and protect our environment, especially in the case of toxic chemicals. This book describes an alternative, precautionary approach to making decisions under uncertainty.

About the Author:
Frank Ackerman is the director of the Research and Policy Program at the Global Development and the Environment Institute at Fufts University