Environmentálne aspekty ekonomickej efektívnosti

The paper is dealing with environmental aspects of economic efficiency. These more and more urgently emerge and so little are accepted at the decision making and judging the different so-cial-economic and investment activities. The article firstly makes clear the principle and defines the economic efficiency. In the next chapters it is devoting to the reasons of its failing as well as the manners of its remedy and achievement in environmental context. In conclusion it outlines a complex relation between efficiency and coming up requirement of sustainability. An economy will not always keep up at an efficient level. Certain specific circumstances can lead into ineffi-cient allocation particularly owing to external costs a benefits, improperly stated property rights as it is for example in cases of open-access resources or public goods which are so typical from environmental point of view. Imperfect functioning markets and divergence of private and social discount rates are the next circumstances to fail efficient market allocation with maximized net benefit. Besides economic system also political system can make inefficiencies as is government failure with bad implementation of policy, influences of different special interest groups coupled with voter ignorance. The fundamental environmental problems arise particularly at ill defined pro-perty rights without competitive conditions and at divergence of private and social cost of capital expressed usually by discount rates. The basic means of possible remedy such inefficiency are negotiation and agreement, using a court statement with assignment of property rules or liability rules, legislative and executive regulation by government and different tools of environmental po-licy. Contemporary preferable tools of environmental policy, besides the standards with an old normative approach, are especially the incentive-based tools on base financial stimulus as are taxes, subsides and transferable discharge permits. The aim is to make a subject to behave in an environmental positive way on the base of rational economics decision within dilemma: to emit and to pay charges or to invest into progressive technologies and not to emit. A specific problem represents relation between efficiency and sustainability. Analyses show their full consistency as a criterion at judging environmental related policy or projects.