Intelligent policies will be largely self-regulating in the sense that the system of incentives and standards makes it absolutely ludicrous to not move towards clean, internalized systems of cost and production.
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Class of 2009: you are going to have to figure out what it means to be a human being on Earth at a time when every living system is declining, and the rate of decline is accelerating. Kind of a mind-boggling situation... but not one peer-reviewed paper published in the last thirty years can refute that statement.
Commercial institutions, proud of their achievements, do not see that healthy living systems - clean air and water, healthy soil, stable climates - are integral to a functioning economy. As our living systems deteriorate, traditional forecasting and business economics become the equivalent of house rules on a sinking cruise ship.
Hindered by asthma since I was six weeks old, I had begun experimenting with my diet and discovered a disquieting correlation. When I stopped eating the normal American diet of sugar, fats, alcohol, chemicals, and additives, I felt better. I could breathe freely. When I tried to sneak in a hamburger and a Coke, my body rebelled.
Money and prices and markets don't give us exact information about how much our suburbs, freeways, and spandex cost. Instead, everything else is giving us accurate information: our beleaguered air and watersheds, our overworked soils, our decimated inner cities. All of these provide information our prices should be giving us but do not.
Throughout the industrial era, economists considered manufactured capital - money, factories, etc. - the principal factor in industrial production, and perceived natural capital as a marginal contributor. The exclusion of natural capital from balance sheets was an understandable omission. There was so much of it, it didn't seem worth counting.
We need to revise our economic thinking to give full value to our natural resources. This revised economics will stabilize both the theory and the practice of free-market capitalism. It will provide business and public policy with a powerful new tool for economic development, profitability, and the promotion of the public good.