I n many European countries and in Japan, an increasing number of products are subject to “take-back” laws, under which producers must ensure that products and packaging are collected from consumers and recycled at the end of their useful lives. This “extended producer responsibility” (EPR) movement seeks to reduce waste disposal, relieve the burden on mu- nicipalities handling a growing volume of waste, and spur “design for environment” on the part of manufacturers. In the United States, policymakers have thus far pursued a more voluntary effort that applies up and down the product chain, under the rubric product stewardship. In this study, we survey both kinds of programs and assess the economic rationale for policy intervention in waste and recycling markets. We reiterate the economic arguments for incentive-based policies. And we evaluate voluntary programs to see whether they have the potential to achieve environmental objectives.