The “Five Ps”: Policy Instrument Choice for Inclusive Green Growth

Abstract

Difficult choices lie at the heart of conserving and providing natural capital. Should we protect a local population of endangered plants? Should we limit the catch in a fishery that seems in danger of collapsing? And if we take these actions, how much should we reduce the threatening activity? Answering these questions is fascinating, but no easy matter. It requires consideration of scientific, economic, legal, and political issues, not to mention the trade-offs that inevitably arise.