The economic valuation of ecosystem services in cities often relies on the concept of willingness to pay. Such reliance invariably leads to the adoption of methods that have several inherent limitations. The object of this paper is to present both a conceptual and methodological framework within...

The recognition of two important concepts in science, namely the assimilative capacity of nature and the entropy of law of thermodynamics enables the formulation of an alternative framework for factor-utilization in economics. This framework, which includes environmental capital (KN) as a...

The extraction of energy resources and the preservation of sensitive in-situ environmental assets are invariably mutually exclusive alternatives. The opportunity cost value of preserving the environmental assets can be assessed by recourse to resource rent taxes, and threshold values. The case...

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...

The aim of this paper is to demonstrate the significant differences that would emerge in policy formulation, when environmental capital (KN) is explicitly accounted for in macroeconomic analyses. These differences are illustrated with reference to two selected Organisation for Economic...

This paper deals with sensitive environmental resources that warrant preservation. Inadequate legal safeguards for preserving such resources stem from the lack of recognition offered to the scientific realities of the natural environment. As a result, the long run implications for welfare losses...

The paper provides a concise review of the treatment of external debt in macroeconomic analyses. In this regard, the paper considers: the development of indicators to quantify external debt alongside theoretical and empirical developments in which the indicators are utilized. Following the...

Ezra Mishan's (1967) famous articulation of the costs of economic growth included amongst others the rearrangement and loss of nature. This paper builds on this theme by recourse to two important concepts in science, namely the assimilative capacity of nature and the entropy of law of...

Environmental issues are usually considered as drivers of allocative distortions within markets. The corrections of such distortions, for example, by recourse to the internalization of externalities, are firmly rooted within the market framework. Therefore the traditional view is that...

This paper illustrates the differences in policy outcomes that would follow when environmental macroeconomic frameworks are employed in lieu of standard macroeconomic frameworks. The non-recognition of real environmental capacity constraints could explain, at least in part, the inability of...