There has been considerable debate about the independence of the three policy goals of allocative efficiency, distributional equity, and ecological sustainability since Daly's (1992) paper on the subject (Prakash and Gupta, 1994; Daly, 1994; Stewen, 1998; Daly, 1999; Stewen, 1999). I would like to weigh in...

This paper revisits the natural capital/human-made capital substitutability debate by putting forward a production function incorporating the first and second laws of thermodynamics. Use of this alternative production function shows that, where relevant, the elasticity of substitution between...

It is generally believed that when a resource becomes increasingly scarce, a shadow is automatically cast in the form of a higher market price. The higher price induces substitution towards more abundant resources and the development of resource-saving technological progress. A growing number of...

It is generally believed that when a resource becomes increasingly scarce, a shadow is automatically cast in the form of a higher market price. The higher price induces substitution towards more abundant resources and the development of resource-saving technological progress. A growing number of...

Central government policy is based on a misguided understanding of the macroeconomics of a modern, fiat-currency economy. As the owner/issuer of a nation's currency, a central government has unlimited spending power. Moreover, taxation exists as nothing more than a means by which a central...

For nearly a decade, a small number of economists have been promoting a Job Guarantee to achieve full employment (Mitchell and Watts, 1997; Wray, 1998). As an ecological economist, I have also been a recent supporter of the Job Guarantee on the basis that: (a) the macroeconomics of the Job Guarantee...

In conventional terms, the optimal price, extraction quantity, and depletion time of a non-renewable resource is based on the Hotelling (1931) Rule-also referred as Malthusian Flow Scarcity conditions. Since any measure of resource scarcity should account for the need to sustain...