Waste Management: Evaluation of Economic Instruments to Achieve the Principle of 'Waste Not Want Not'

Abstract

Waste is generated both during the production and the consumption stages of the economy. Environment is a composite asset. The objective of development should be to minimize the undue depreciation of this asset. Excessive waste generation will lead to the depreciation of this asset. The impact of this depreciation is not confined to the future generation alone; it could sometimes reduce the services to the current generation as well. This paper uses a "cubic" framework to analyze the effectiveness, equity and acceptability of various policy instruments that may be used to control municipal solid waste. This paper argues that using a complementary mix of policies, which are jointly relevant, may be superior to using a particular policy instrument in reducing the quantity of waste dumped on to the environment.