LOW ENTROPY: CREATING PHYSICAL BASIS FOR ECONOMIC VALUE BY ENVIRONMENTAL POLICY TOOLS

The economic value is expressed by prices, but their high volatility was a strong reason to consider other elements to be used for measurement. The most appropriate elements for this were established by the theories of value that explain how value is created, enhanced, transferred, and how it influence prices. By revealing the changing economic contexts that forced these theories to adapt and to use different physical basis for value calculation it is prepared a framework model to analyse the current environmental policy. The case study of carbon markets highlighted the limited possibility of restraining access to common goods signalling that a proper addressing of the environmental challenge will necessitate more important changes to be made.