Public Economics and the Environment in an Imperfect World Munzinger Str. 9 Looming over concerns of lost van Oystaeyen Looming over concerns of lost fisheries stocks and persistent erosion of genetic variability are predictions of global warming This very condition pre defines the `local' treatment of the alternatives (or pairs of alternatives What is evident from Public Economics and the Environment in an Imperfect World is that Coasian negotiations fail to internalize the costs of environmental degradation The issues of global warming and the depletion of the ozone layer have given universal significance to what were once local and regional pollution problems