This paper develops a dynamic model of North-South trade in which environment plays an important role. Our model is based on Chichilnisky North-South model for the macroeconomic interaction between two sectors of the world economy. The latter was introduced in a static context. We introduce...

The paper proposes two axioms that capture the idea of sustainable development and derives the welfare criterion that they imply. The axioms require that neither the present nor the future should play a dictatorial role. Theorem 1 shows there exist sustainable preferences, which satisfy these...

Recent findings in economic theory show that cooperation (settlement) between two identical players with conflicting interests in a valuable and contestable resource always Pareto dominates violent dispute (war), given that cooperation is presented using a symmetric bargaining norm. Necessary...

Two major trends in the world economy are international migration and environmental degradation. The object of the paper is to analyze the connection between these two trends, which have generally been analyzed in isolation. Here we represent a world economy in which the exploitation of natural...

This chapter focuses on how the lack of property rights in North-South trade of primary resources can distort trade and threaten the sustainablility of development. This issue is examined within a two-region world economy where one region, the North, represents the industrial countries, and the...

We are on the threshold of a truly revolutionary era of discovery - ranging from the origins of the universe to new states of matter and microscopic machines, from a new understanding of the oceans and of the biological connections across the Earth's species to the functioning of the human brain...

The paper explores the impacts of resource export policies on major macro variables of the exporter and the importer economies. There are two regions, North and South, trading resources for industrial goods. Each region consumes two goods (basic consumption goods and industrial goods) and...

Political economy views economic issues through the lens of political organisation. In today's world, it must focus on the roles of markets and of democracy, two concepts which are driving revolutionary changes in the political organisation of both Europe and Asia. There are two main paradigms...

The concept of basic needs is today at the center of many discussions about development and the international order. Some international organizations are rethinking their prior evaluation of development policies based largely on aggregate economic output, in particular, the welfare of the very...

The theory of trade based on differential property rights presented here initiated in Chichilnisky (1991), based on the North-South model introduced in Chichilnisky (1981, 1986). The model and the results in this paper differ however from the previous work in that the dynamics of the renewable...