Among the outstanding theories of development economics, neoclassical liberalism is the one that integrates in its field the environment of the socio-economic system. Through the economics of natural inheritance, it advocates the monetary valuation of natural goods and services without respect...

Productivity growth is the main long-run determinant of living standards. However, there are some distinctions between productivity growth as conventionally measured and the potential of the economy to raise living standards. Specifically, insofar as the share of depreciation in output...