This paper demonstrates a methodology for constructing asset accounts for a commercial fishery in which the stock, harvest, and effort level are out of sustainable equilibrium. The paper adopts the framework used by the U.S. Department of Commerce Bureau of Economic Analysis in its preliminary...

The literature on the use of environmental taxes inthe presence of distortionary (labor) taxes warns thata partial-equilibrium Pigouvian tax analysis is notappropriate because increasing the price of dirtygoods can futher aggravate the prexisting distortions. This argument is most frequently...

The author shows by example that corporate lobbying on public policy issues is not always in the best interests of shareholdersâor customers or employees. Best practice by leading companies provides oversight of lobbying by the board of directors, but far too few companies now employ such...

The best way to reduce greenhouse gas emissions on a sustained basis, says the author, is a cap-and-trade policy. Prices may fluctuate, but at least we get at the heart of the problem—steadily reducing emissions. A carbon tax will allow emissions to fluctuate as economic conditions cyclically...