Seeme Mallick

The Relationship between Environmentally Sustainable Income, Employment and Wages in Australia

The environment is an asset that provides essential services. Like any other asset, its services will diminish as it depreciates. The environmentally sustainable income of a nation depends on a sustained flow of these services, and can be estimated by including the environment in a macroeconomic framework, with a goal to achieve both full employment and sustainability. The relationship of national income to employment is estimated at full employment, actual employment and the employment level that is necessary to maintain sustainable income, for the Australian economy. There proved to be a widening gap between actual income and environmentally sustainable income, and between actual income and income to guarentee full employment. Wage reduction and improvement of technology are analysed as possible ways to meet the goal of an environmentally sustainable income.

Integration of Climate Change into Economic Theory: Reviewing the Global Process

With climate change appearing on the horizon of economic theory and analytical research, it becomes imperative that the links are traced to the origin of the connection between the economics and climate change. Climate change traditionally, is a subject for meteorologists, ecologist and marine biologists. When economist and financial experts, start debating climate change, it means that the subject matter now includes costs, income distribution and factors of production. Energy resource and fossil fuels are the bases of this discussion due to the links with CO2 emission, other Green House Gases (GHG) emissions and the abatement costs of emissions.