TY - JOUR
T1 - Towards unitary economics
T2 - Valuation of environmental capital for environmental stewardship
AU - Thampapillai, Dodo J.
AU - Thangavelu, Shandre M.
PY - 2004
Y1 - 2004
N2 - The paper presents a simple method of valuation that can sit beside ideology of a unitary economics, which seeks a synergy between materialistic and non-materialistic aspects of welfare. The non-materialistic item considered here is environmental stewardship, the lack of which is widespread among neoclassical economists. This is due to the belief that technology could always offset the problems of resource scarcity. The paper uses the basic tools of neoclassical economics to illustrate that resource scarcity is a real issue and that an improved sense of environmental stewardship is warranted. This illustration involves the valuation of environmental capital from the statement of national accounts. Scarcity indicators are defined in terms of the price of environmental capital. This price, which consists of an interest rate and a cost of depreciation, is empirically estimated for Australia.
AB - The paper presents a simple method of valuation that can sit beside ideology of a unitary economics, which seeks a synergy between materialistic and non-materialistic aspects of welfare. The non-materialistic item considered here is environmental stewardship, the lack of which is widespread among neoclassical economists. This is due to the belief that technology could always offset the problems of resource scarcity. The paper uses the basic tools of neoclassical economics to illustrate that resource scarcity is a real issue and that an improved sense of environmental stewardship is warranted. This illustration involves the valuation of environmental capital from the statement of national accounts. Scarcity indicators are defined in terms of the price of environmental capital. This price, which consists of an interest rate and a cost of depreciation, is empirically estimated for Australia.
KW - Economics
KW - Environmental management
KW - Resource management
UR - http://www.scopus.com/inward/record.url?scp=23744451559&partnerID=8YFLogxK
U2 - 10.1108/03068290410523430
DO - 10.1108/03068290410523430
M3 - Review article
AN - SCOPUS:23744451559
SN - 0306-8293
VL - 31
SP - 430
EP - 442
JO - International Journal of Social Economics
JF - International Journal of Social Economics
IS - 4
ER -