ENV310H5 Lecture Notes - Lecture 12: Intergenerational Equity, Market Failure, Natural Capital
Document Summary
Income: money received for providing a good or service, or through investment: hicksianincome : income that doesn"t deplete capital (i. e. , the amount that can be consumed while keeping capital intact) j. r. Hicks value and capital (1939: sustainable income: maximum amount that can be consumed while ensuring that future generations can have living standards at least as high as those of the current generation. Variant of mainstream economics: environmental implications of economic policies natural resource accounting, roots, hicks, kaldor (1930s, boulding ( spaceship earth , repetto, nordhaus. Environmental economics and natural resource accounting grew out of efforts to develop. better accounting for resource depletion, environmental degradation, conservation, etc. : a country could exhaust its mineral resources, cut down its forests, erode its soils, pollute its aquifers, and hunt its wildlife and fisheries to extinction, but measured income would not be affected as these assets disappeared.
