The discussion touches on a range of environmental
issues, and generally on whether regulation should be
based on a "precautionary principle" or a strict
cost-benefit analysis.

I've pasted just the first passage below. To read the
whole review, by the highly-regarded legal theorist
Cass Sunstein, go to this web link:

http://www.powells.com/review/2004_03_11

Priceless: On Knowing the Price of Everything and the
Value of Nothing
by  Frank Ackerman

Your Money or Your Life
A Review by Cass R. Sunstein

 In protecting the environment, how do America and
Europe differ? The standard account is this:


Europe follows the precautionary principle; America
follows cost-benefit analysis.



According to the precautionary principle, it is better
to be safe than sorry. Aggressive regulation is


justified even in the face of scientific uncertainty
-- even if it is not yet clear that environmental
risks


are serious. According to cost-benefit analysis,
regulation should be undertaken not on the basis of


speculation, but only if it is justified by a careful
quantitative assessment of both the costs and the


benefits of regulatory action. The two approaches lead
in radically different directions. What should


national governments do about the genetic modification
of food? Many Europeans argue that the


consequences of genetic modification are uncertain and
that real harm is possible -- and hence that


stringent regulation is readily justified. Many
Americans respond that the likely benefits of genetic


modification are far greater than the likely harms --
and that stringent regulation is unsupportable. Or


consider global warming. Many European leaders have
argued in favor of precautions, even


extremely expensive ones, simply to reduce the risk of
catastrophe. But under President Bush,


American officials have called for continuing research
on the costs and the benefits of higher


temperatures.

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