Maintaining (environmental) capital intact

Modern Intellectual History

Volumn 8, Issue 1, 2011, Pages 193-212

  Rothschild, Emma ^a  

^a HARVARD UNIVERSITY   (United States)

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EID: 79958081198     PISSN: 14792443     EISSN: 14792451     Source Type: Journal    
DOI: 10.1017/S1479244311000114     Document Type: Article

References (90)

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2. On the UN's "Millennium Goal" number 7, "ENSURE ENVIRONMENTAL SUSTAINABILITY", see http://www.un.org/millenniumgoals/ environ.shtml; on "transformative business leadership on the sustainability agenda", see http://www.sustainability.com; on the "goal of sustainability" as the true north of the US government's Environmental Protection Agency, see http://www.epa.gov/sustainability; and on the EPA's budget, see http://www.epa.gov/ocfo/budget/2011/2011bib.pdf, all accessed 2 Oct. 2010.
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7. Partha Dasgupta and Karl-Goran Mäler, Poverty, Institutions, and the Environmental- Resource Base (World Bank Environment Paper no. 9, The World Bank, 1994), 9.
8. "The quality of the environment is part of our capital stock, just like bridges and buildings. There is every reason to treat the environment along with other capital as a relevant input in a firm's production function." Barry Nalebuff, "On a Clear Day, You Can See the Coase Theorem", in Partha Dasgupta and Karl-Goran Mäler, eds., The Environment and Emerging Development Issues, vol. 1 (Oxford, 1997), 35-47, 38.
9. A. C. Pigou, in 1935, considered the possibility of including "stores of coal, minerals, oil and so on that Nature has laid up" in estimates of national or social capital; Frank Knight speculated about the future circumstances that "coal is replaced by oil or by hydraulic power, not to mention wider possibilities of substitution". A.C. Pigou, The Economics of Stationary States (London, 1935), 22;
10. Frank H. Knight, "Some Issues in the Economics of Stationary States", American Economic Review 26/3 (Sept. 1936), 393-411, 400-401.
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15. Knight, "Some Issues in the Economics of Stationary States", 393. The word "practical" appears in forty-eight of the eighty-two articles by Pigou in the JSTOR database.
16. "Shorter Notices, 'The Pure Theory of Capital'", The Economist, 1 March 1941, 276.
17. Cover page, Economica new ser., 8/31 (Aug. 1941); oral communication by the late Dr Larry Hayek, conference on The Road to Serfdom, Centre for History and Economics, King's College, Cambridge, 2004;
18. and see Melissa Lane, "Friedrich von Hayek and The Road to Serfdom: 1944-2004", available at http://www-histecon.kings.cam.ac.uk/events/hayek- report.pdf.
19. Knight, "Some Issues in the Economics of Stationary States", 402 n. 12.
20. On augmented accounts see Nordhaus and Kokkelenberg, Nature's Numbers, 183, 185, 188, 190.
21. A. C. Pigou, "Maintaining Capital Intact", Economica new ser., 8/31 (Aug. 1941), 271-5.
22. F. A. v. Hayek, "Maintaining Capital Intact: A Reply", Economica new ser., 8/31 (Aug. 1941), 276-80.
23. J. R. Hicks, "Maintaining Capital Intact: A Further Suggestion", Economica new ser., 9/32 (May 1942), 174-9;
24. idem, "Capital Controversies: Ancient and Modern", American Economic Review 64/2 (May 1974), 307-16, 309, 315 n. 14;
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30. Nordhaus and Kokkelenberg, Nature's Numbers, 183, 185, 188, 190.
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32. On the UN System of National Accounts of 1993 and the System of Integrated Environmental and Economic Accounting of 2002, see Searchable Archive of Publications on Environmental-EconomicAccounting, available at http://unstats.un.org/unsd/envaccounting/ceea/archive/Introduction.asp;
33. and Integrated Environmental and Economic Accounting 2003 (SEEA 2003), available at http://unstats.un.org/unsd/ envaccounting/seea.asp.
34. Canberra Group on Capital Stock Statistics-November 1999 meeting, unpaginated, available at http://www.oecd.org/document/49/0,3343,en-2825-500246- 1876337-1-1-1-1,00.html.
35. Glenn-Marie Lange, "National Wealth, Natural Capital and Sustainable Development in Namibia", DEA research discussion paper no. 56, Feb. 2003, Windhoek, Namibia, 6-8, 10; available at http://www.met.gov.na/publications/ research/RDP56.pdf.
36. Daniel T. Rodgers, Contested Truths: Keywords in American Politics since Independence (Cambridge, MA, 1998), 7; Google search, 2 Oct. 2010.
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38. Amartya Sen, "Why We Should Preserve the Spotted Owl", London Review of Books 26/3 (5 Feb. 2004);
39. Gilles Paquet, "The Governance of Sustainability: A Social Learning Approach", undated, available at http://www.invenire.ca/Res-papers/ Governance-of-sustainability.pdf, accessed on Oct. 24, 2008.
40. See http://www.un.org/geninfo/bp/enviro.html, accessed 29 Oct. 2008.
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49. As Frank Knight observed, "the relationship of the ory to action is perhaps peculiarly obscure" in respect of the theory of capital and interest. F. H. Knight, "Professor Mises and the Theory of Capital", Economica new ser., 8/32 (Nov. 1941), 409-27, 410.
50. Pigou, "Maintaining Capital Intact", 275.
51. A. C. Pigou, The Economics of Welfare, 3rd edn (Cambridge, 1928), lxviii.
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53. Hicks, "Maintaining capital intact", 179.
54. Weitzman, "On the Welfare Significance of National Product in a Dynamic Economy", 156-7;
55. Nordhaus and Tobin, Is Growth Obsolete?, 14.
56. Hicks, Capital and Time, 163;
57. idem, "Shiftable versusNon-shiftable Capital: A Synthesis", Econometrica 39/3 (May 1971), 511-28, 516.
58. Gretchen C. Daily, Nature's Services: Societal Dependence on Natural Ecosystems (Washington, DC, 1997), 2.
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60. "It is as though light of a particular hue were cast upon everything, tingeing all other colours and modifying their special features . Capital is the economic power that dominates everything in bourgeois society." "Introduction to a Critique of Political Economy", in KarlMarx and Friedrich Engels, The German Ideology, ed. C.J. Arthur (New York, 1978), 146-7.
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63. If the services of heterogeneous capital goods are aggregated on the basis of the "cost of capital", then the cost incorporates expectations about the future. See Dale W. Jorgenson, "Information Technology and the U.S. Economy", American Economic Review 91/1 (March 2001), 1-32.
64. R. H. Coase, "The Problem of Social Cost", Journal of Law and Economics 3 (Oct. 1960), 1-44, 44;
65. and see R. H. Coase and R. F. Fowler, "The Pig-Cycle in Great Britain: An Explanation", Economica new ser., 4/13 (Feb. 1937), 55-82, 80.
66. On the environment and property rights which are of interest in more than one nation, see Nalebuff, "On a Clear Day, You Can See the Coase Theorem", 35, 44-6.
67. Hayek, "Maintaining Capital Intact: A Reply", 279;
68. idem, "Scientism and the Study of Society", Economica new series, 9/35 (Aug. 1942), 268-9;
69. idem "Scientism and the Study of Society, Part II", Economica new series, 10/37 (Feb. 1943), 34-63, 40-41, 47, 57;
70. "Scientism and the Study of Society, Part III", Economica new series, 11/41 (Feb. 1944), 27-39, 31.
71. F. A. Hayek, "The Use of Knowledge in Society", American Economic Review 35/4 (Sept. 1945), 519-30, 521.
72. It would "reveal, in addition to the durable wealth. . trainloads of meat, eggs and milk in transit. . Even the supplies on the table of a man bolting his dinner would find a place". Irving Fisher, "Senses of 'Capital'", Economic Journal 7/26 (June 1897), 199-213, 19.
73. As in Hegel's description of the "museum" of science: "What results from this method of labelling all that is in heaven and earth. . is nothing less than 'a report as clear as noonday' on the universe as an organism, viz. a synoptic table like a skeleton with scraps of paper stuck all over it, or like the rows of closed and labelled boxes in a grocer's stall". G.W.F.Hegel, Phenomenology of Spirit (1807), trans. A. V. Miller (Oxford: Oxford, 1977), 31.
74. "It is not profitable to embark on the fine analysis of a definition unless we have decided on the purpose for which the definition is wanted." Hicks, "Maintaining Capital Intact: A Further Suggestion", 175.
75. James Buchanan, "The Coase Theorem and the Theory of the State", Natural Resources Journal 13/4 (Oct. 1973), 579-94.
76. Paul A. Samuelson, "The Evaluation of 'Social Income': Capital Formation and Wealth", in The Collected Scientific Papers of Paul A. Samuelson, vol. 1 (Cambridge, MA, 1966), 292-324, 303.
77. Buchanan, "The Coase Theorem and the Theory of the State", 579.
78. Richard Stone, The Role of Measurement in Economics (Cambridge, 1951), 43, 56;
79. US Department of Commerce, National Income (Washington, DC, 1954), 38.
80. Pigou, The Economics of Welfare, 129;
81. F. A. Hayek, The Road to Serfdom (Chicago, 1972; first published 1944), 75;
82. Hayek, "The Use of Knowledge in Society", 527.
83. Charles E. Rosenberg, Our Present Complaint: American Medicine, Then and Now (Baltimore, 2007), 186.
84. Partha Dasgupta, "Nature and the Economy", Journal of Applied Ecology 44/3 (June 2007), 475-87, 487.
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86. and Timothy Mitchell, "Carbon Democracy", Economy and Society 38/3 (Aug. 2009), 399-432.
87. CONFERENCE REPORT ON 4603 (House of Representatives-August 16, 1994), TITLE II-DEPARTMENT OF COMMERCE, Amendment No. 69, sponsored by Rep. Alan B. Mollohan (Dem., W.Va): "The conferees understand that there has been considerable debate over the years as to the objectivity, methodology, and applicability of 'Integrated Environmental-Economic Accounting' or 'Green GDP'. . The conferees expect BEA to suspend development of Phase II of this initiative." Library of Congress, http://thomas.loc.gov/cgi-bin/query/F? r103:1:./temp/~r103YsjkSe:e116248; and see http://www.house.gov/mollohan/bio. htm, accessed 30 Oct. 2008.
88. On liberalism and conservatism in the economic thought of the 1930s and 1940s see Angus Burgin, "The Radical Conservatism of Frank H. Knight", MIH 6/3 (Nov. 2009), 513-38.
89. On the "libertarian paternalism" of the nudge, in which the efficient operation of institutions designed by well-informed "choice architects" is propitious "not for bigger government, just for better governance", and in which "it helps to think about the environment as the outcome of a global choice architecture system", see Richard H. Thaler and Cass R. Sunstein, Nudge: Improving Decisions about Health, Wealth and Happiness (New Haven, 2008), 11-14, 185. The sinister-sounding Bureau of Environmental Value would be more libertarian and less paternalistic, in these terms, to the extent that it disclosed the information on the basis of which it arrived at its large green numbers.
90. John Demos, "Foreword", in William Cronon, Changes in the Land: Indians, Colonists, and the Ecology of New England, rev. edn (New York, 2003), xiii.