The Hotelling Principle defines socially-optimal conservation of an exhaustible resource i a mathematically-defined, equilibrium environment in which no human action can occur.
Let us begin our analysis by making the distinction between free markets in their pure, laissez faire or capitalist dimension, on the one hand, and market socialism on the other.
The economic theory of intergenerational sustainability is essentially neoclassical in nature and purports to provide a prescriptive framework for deciding how current generations
A rational response to the possibility of large-scale environmental change is to establish the economic freedom of individuals to deal with it, if and when it comes.
Perhaps the best concise summary of this book is given by editor Alexander Tabarrok in his concluding chapter. As he points out, where most urbanists see market failures,
This article is therefore intended as a complement to the Austrian tradition and will point out more specifically the importance of local conditions for the production of innovative goods and services.
This paper examines several problematic aspects of George Reisman’s Capitalism: A Treatise on Economics , specifically, five problems in the economics of natural resources.
Austrian economics lacks a formalized, self-conscious theory of environmental economics. But in fact all of the major elements of such a theory already exist and in that sense what
Almost nowhere, however, are lay readers presented with a more sober and realistic perspective according to which the institutional framework of market economies has always been conducive to greater resource
The following essay attempts to touch on one aspect of modern environmentalism and to examine it against the backdrop of the values associated with
