Description
Book SynopsisThis ground-breaking book focuses on neo-Austrian capital theory and its application to the modelling of long-run economy-environment interactions.
The book begins by presenting an overview of the modelling approach and offers an historical survey of capital theory and its development. The authors then provide a detailed introduction to the neo-Austrian modelling technique and extend it to include time horizons and growth models. The model is then applied to environmental issues such as green national accounts, resource rents and climate change to show how the neo-Austrian approach gives fresh and illuminating insights. An empirical application to the iron and steel industry is also presented.
Capital and Time in Ecological Economics will be of interest to ecological and environmental economists, economic capital theorists and all those following developments in the neo-Austrian approach to economics.
Trade Review'This book is a wonderfully clear presentation of Neo-Austrian capital theory with extensions to economies which use natural resources, which emit pollution, and which have recycling possibilities. It will be of interest to economists interested in capital theory and to environmental economists interested in finding non-neoclassical tools with which to analyze environmental problems. . . Overall, this volume represents an excellent introduction to neo-Austrian capital theory, an ambitious attempt to incorporate environmental degradation and natural resource depletion into a neo-Austrian model, and a strong argument for considering activity analysis instead of smooth production functions in both theoretical and applied economics.' -- G.A. Lozada, Journal of Economics / Zeitschrift fur Nationalokonomie
Table of ContentsContents: Preface Part I: Introduction and History 1. The Nature of the Approach 2. Historical Background to Neo-Austrian Capital Theory Part II: The Neo-Austrian Approach 3. Neo-Austrian Capital Theory: The 3-Sector, 2-Period Model 4. Extending the Time Horizon Part III: Extensions to the Neo-Austrian Approach 5. The Innovation of Techniques and the Time Horizon 6. A Comparison Between Neoclassical and Neo-Austrian Growth Models Part IV: Introducing the Environment into the Neo-Austrian Model 7. National Accounting, Time and the Environment 8. Natural Resource Rents and Economic Dynamics 9. Climate Change and Economic Development Part V: Further Neo-Austrian Environmental Models 10. A Neo-Austrian Model with Pollution and Resources 11. Introducing Recycling into the Neo-Austrian Model 12. The Iron and Steel Industry: A Neo-Austrian Interpretation References Index
