| Abstract: | Viewed over the long run, expenditures for environmental control may be the most productive for society, but they do not fit into the traditional concept of investment. They do not increase our capacity to produce consumer goods in the future. The authors describe the possible impact on the economy of pollution expenditures over the next ten years, using the figure of $7–8 billion annually for capital costs as a supportable estimate. If we invest in environmental control systems, the growth rate of GNP will be slower; the effect will depend first on the amount involved and on the underlying conditions of the economy. The authors discuss financing alternatives on the federal, local, and industrial levels and project the impact on the money market. |
