4. Focusing on Efficiency and Externalities
Building upon the general remarks, this section further specifies efficiency (Section 4.1) and externalities (Section 4.2). The focus on ef- ficiency is chosen because it is relevant for the formulation of policy analysis (Bromley, 1990) and a “tent pole” of sustainability economics.
Externalities, their systemic character and solutions for internalization or reduction of environmental and social disruptions provide a second prism for analyzing sustainability economics.