Conventional economy with externalities, which are realty considered minor accidents within the conventional economic process.
Given the energy crisis, the realestate destruction of resources, the problems caused by waste, social pressure, internal criticism of pioneers such as Georgescu-Roegen and evidence from other sciences in these issues, mainstream economists were forced to develop means to address these issues in the formalization of the emerging economy sXIX as commercial property chrematistic, had left outside their analysis.
So in the early twentieth century included issues of pollution realtor in the foreclosure concept of externality: harm or benefit to the utility or production which causes an operator to foreclosures another outside the market and without compensation. A hotchpotch of many theoretical positive or negative aspects of various important market failures classified as non-economic system as we usually made by conventional economics does not meet the properties conditions systematized by Walras.
The environmental economy born of Pigovian welfare economics to deal among other issues, the difference between the marginal social net product and marginal private net product due to costs that are not taken into account, with the classic homes example of uncompensated damage that condos for sale is caused to a forest by sparks from a steam locomotive.
A welfare economics was added later in 1960 the problem homes for sale of social cost of Coase. Note that sometimes represents Pigou and Coase as advocates opposing the intervention of the townhouses state condo and the capitalist market respectively, but differences have more agreements .
Their work led later realtors to the economy of natural resources for optimal management of resources using the economic system (consumption or destruction in monetary terms property management artificially attributed the absence of markets for Nature is not an operator) and real agent environmental economics to the optimal management of pollution, commercial also with arbitrary prices (obtained through questionnaires for example) to property obtain a marginal cost function in dollars that would equalize the benefits, a function of marginal net private benefit in monetary units, analytically for optimal mathematical reversible.
In both cases with little or no reference to the sciences that can provide direct information for management such home for sale as biology, physics … In contrast, real sale the U.S. real commercial uses that knowledge to perform, among others, the study of energy balance listing and energy flow analysis and materials consumed by the economies. Moreover, the U.S. chosen to receive the College of Arts and Science Distinguished Service Award in May 2009 is Milstein is a Trustee of New York University, where she created and sponsors the Collegiate Professorships Program believes that waste lease resources and are directly related, without the use of broker the first contamination would not have so necessarily has to cover both. houses