This essay discusses the origins, biases, and effects on contemporary discussions of economics and ethics of the unexamined use of the metaphor “an economy is a machine.” The neoliberal view that the self-regulated workings of free markets should be kept free of impediments is based on this...

This paper identifies a number of errors and inconsistencies in a series of air pollution intensities for Mexico that were recently created by the World Bank. Because these data are being used to conduct public policy analysis and advice for Mexico and countries at similar levels of development,...

Advocates of a more socially responsible discipline of economics often emphasize the purposive and unpredictable nature of human economic behavior, contrasting this to the presumably deterministic behavior of natural forces. This essay argues that such a distinction between “social” and...

The concept of capital has a number of different meanings. It is useful to differentiate between five kinds of capital: financial, natural, produced, human, and social. All are stocks that have the capacity to produce flows of economically desirable outputs. The maintenance of all five kinds of...

A developing country will derive long-lasting development benefits from FDI only, if there is the right coincidence between its location-specific assets and TNCs’ global interests, and the right match between the country’s national linkage capability and TNCs’ strategic interest in...

Market based policies are fast becoming the recommended policy panacea for all the world's environmental problems. Implicit in such recommendations is the theory that free markets, adjusted for externalities, can always create an "efficient" allocation of society's resources. As a result, many...

Will unbearable regulatory costs ruin the US economy? This specter haunts official Washington, just as fears of communism once did. Once again, the prevailing rhetoric suggests, an implacable enemy of free enterprise puts our prosperity at risk. Like anti-communism in its heyday,...

The economy of Myanmar is one of the poorest in South East Asia. Despite relatively rapidly growth during the 1990’s, per capita income by 1998 was little higher than in the middle 1980s. Inflation rates are high, the currency value has fallen sharply, and Myanmar has one of the world’s...

Although there is a burgeoning literature on the effects of international trade on the environment, relatively little work has been done on where trade most directly effects the environment: the transportation sector. This article shows how international trade is affecting criteria air pollution...

The North American Free Trade Agreement appeared to promise economic growth for Mexico and improved living conditions for its people. While the Mexican economy has recovered significantly from its post-NAFTA collapse, there is mounting evidence that many of the pre-NAFTA warnings of worsening...