This paper investigates the effect of shadow price regarding weak sustainability indicators based on the genuine savings indicator. We analyse the forest resources considering positive externalities of natural capital, as the approximation from market rent alone would under-estimate the true...

Economic models cannot give us the information society needs to define the set of possible future scenarios facing the world. Thus "optimal" economic plans are susceptible to being overwhelmed by feedbacks of which humans are ignorant as economic systems increasingly stress ecosystems. These...

In this paper, we consider how genuine savings would be altered if the adjustment costs of capitals are taken into account in the stylized capitalresource model. It is shown that, in order to derive the modified genuine savings, through shadow prices, the original genuine savings have to be...

We estimate the wealth of Mozambique in 2000 and 2005 in order to assess the sustainability of its development path. Our methodology builds on Arrow et al. (2007). We show that Mozambican growth is driven mainly by human and physical capital accumulation, while the pressure on natural capital...

Any major development project has both benefits and disadvantages to the society. Many development projects have very high economic benefit and at the same time lead to environmental hazard. One such project is Sethudamudram project initiated by Government of India. This is a project which aims...

Urban tourism is in full expansion due to world-wide urbanisation and internationalisation of our societies. New economic impulse created by investments in urban regeneration, and improving the quality of life, produces different consequences. This paper tries to examines the benefits and costs...

Current changes in Latin America include the abandonment of the economic pattern of import substitution, a growing opening of the national economies, a continental wave of political democratization, an apparent economic recovery from the "lost decade" (the 1980s), a growing social polarization,...