The interrelationship between economic growth, efficient use of natural resources, and sustainability has been of great interest to economists, researchers and policy makers. Knowledge of actual causality direction between sustainability, efficiency and growth has important implications for...

"Getting the prices right" is a good starting point but is not sufficient for achieving environmentally efficient outcomes. Other policy interventions are often necessary to complement pricing policies. Moreover, when pricing is not at all feasible, regulatory and command-and-control policies...

The aim of this paper is to demonstrate the significant differences that would emerge in policy formulation, when environmental capital is explicitly accounted for in macroeconomic analyses. These differences are illustrated with reference to the Australian economy. The main analytic frameworks...