Purpose – The aim of this paper is to provide a critical evaluation of the potential of new institutional economics (NIE) in third world development. Design/methodology/approach – The paper reviews various theories under NIE from both conceptual and empirical perspectives. It then reviews...

Purpose – The purpose of this paper is to examine the role of natural resources accounting in sustainable development. Natural resource accounting is important because the welfare of a nation measured in terms of gross domestic product (GDP) has several weaknesses. Design/methodology/approach...

Forest policy decisions are complex and often multi-faceted. A major criticism of the neoclassical approach is the omission of risk and uncertainty, multiple attributes of agricultural and forestry decisions and use of income or profit as the sole metric for evaluation of alternative decisions....