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but they veer dangerously toward the shortsighted, operational view of the world that has gotten us into our current pickle. They ignore businesspeople’s ability to think creatively, legend lamar jackson baltimore ravens 8 full over printed shirt and they fail to consider the dimension of time. Similar failures may underlie society’s inability to understand the impact of technology and commerce on our quality of life and may impede our success as managers of this planet. 3. Keeping up with the Joneses. Walley and Whitehead urge companies to enhance shareholder value by improving “the efficiency and effectiveness of environmental spending.” But their focus on industry-wide statistics for environmental expenditures obscures the key competitive opportunity in those expenditures. Historically, industry has adjusted to the cost of environmental mandates with price adjustments.

Companies that can achieve superior efficiency and effectiveness in environmental spending will indeed find themselves in a classic win-win situation—meeting the non-business-driven expectations of the public and the government while besting their competitors’ cost structures. Rather than advocate either of the two extremes, policymakers should aim to establish environmental priorities and goals that are consistent with the real trade-offs that all regulatory activities inevitably require; that is, policymakers should base environmental goals on the careful balancing of benefits and costs. In so doing, policymakers should seek to reduce the magnitude of those costs by identifying and implementing flexible and cost-effective environmental policy instruments, whether of the conventional type or the newer, market-based breed. We found little to document the view that environmental regulation has had a measurable adverse effect on competitiveness. Although its long-run social costs—including productivity slowdown—may be consequential, studies gauging the effects of environmental regulation on net exports,