Richard W. England

Measurement of social well-being: alternatives to gross domestic product

Abstract Gross domestic product (GDP) is widely acknowledged to be a poor measure of social well-being. This paper surveys several substitutes for and modifications of GDP which have been offered as measures of societys welfare. The Index of Sustainable Economic Welfare, a measure endorsed by many ecological economists, is found to possess a variety of virtues — but also several imperfections. The search for a social welfare measure has not yet ended.

Natural capital and the theory of economic growth

Abstract During the past half century, theorizing about economic growth has forced economists to reconsider and revise the capital concept a number of times. This paper explores the analytical relationship between capital accumulation and economic growth, on the one hand, and the natural world, on the other. Section 1 sketches modern growth theory with an emphasis on whether or not the economy is seen as facing biophysical ‘limits to growth.’ Section 2 argues that analysis of the role that ‘natural capital’ plays in the production process must occur before one can assess the prospects for economic growth. Section 3 inserts natural capital into a simple growth model and discusses the implications that (1) depletion of natural capital, (2) complementarity in production of natural and social forms of capital and (3) accumulation of technical knowledge have for the growth process.

Should we pursue measurement of the natural capital stock

Abstract This paper critically surveys earlier definitions of the natural capital concept and several preliminary attempts to measure it. Utilizing Georgescu-Roegens thoughts on funds, flows and stocks, I offer several (hopefully rigorous) definitions of natural capital. I close by arguing that measurement of ISEW, not of total natural capital, should be a priority of ecological economists.

State and Local Impacts of a Revenue-Neutral Shift from a Uniform Property to a Land Value Tax: Results of a Simulation Study

This paper reports on the results of simulating a revenue-neutral shift from a statewide uniform property tax to a land value tax. The statewide economic impacts of such a tax reform are projected to be generally positive and also persistent in a state like New Hampshire. However, substantial variations in those impacts among the state’s counties could be expected to occur. (JEL H71)

Land Development and Current Use Assessment: A Theoretical Note

This paper jointly models a landowners decision to develop a parcel and the option to enroll that parcel in a current use assessment program. The analytical results highlight different factors that influence the effectiveness of a current use program in delaying development. The results also underscore the difficulty a local government might have in influencing the behavior of the landowner. Except for altering eligibility rules, a local government employing current use assessment has but two policy tools: a penalty for development and the property tax rate.

Marx and the environment: a preliminary model ∗

Mainstream economics has tended to accord environmental economics a subordinate place in its hierarchy of concerns. This is not surprising as orthodox approaches normally tend to assume away the very problems that give rise to environmental issues. This article endeavours to employ a simple Marxian model to analyse the implications for environmental policy. Our model provides us with some interesting preliminary conclusions. In Particular we see that the short-run conflict between labour and capital may result in capitalists campaigning strongly for weaker policies on the environment. It is argued that this could lead to serious consequences for future generations.

A Comment on John Roemer's Theory of Differentially Exploited Labor:

This comment discusses John Roemers Marxian theory of dis crimination (RRPE 10:2). On the one hand, Roemers analysis is a positive accomplishment since he accepts previous historical and statistical research verifying the existence of various forms of discrimination and then tries to situate discrimination in Marxs theory of value and exploitation of labor. In doing so, he generalizes several theorems arrived at previously by Morishima, Okishio, et al. concerning the static relationships between differences in the rate of exploi tation, the real wage and the rate of profit. However, Roemers analysis suffers from his attempt to make inferences about the dynamics of exploitation, discrim ination and capitalist development based on an essentially static model. Roemers model is a good first attempt at introducing discrimination into Marxs labor theory of value, but such a line of analysis will ultimately require si tuating discrimination in Marxs theory of reproduction and accumulation, not just in his static theory of exploitation.