The theory of efficient markets, when applied beyond financial markets, is proposed by those who bridle against government regulation of business. Their idea is that markets will punish bad behavior of individual firms or even whole industries and thus create incentives for firms to produce goods and services without harming employees, consumers, or the environment. […]
Let’s start with two facts. First, the human population continues to change in unprecedented ways how the Earth’s systems function. Originally this was called global warming. The realization that changes in the global climate included more than just temperature changes led to use of the term climate change. Now we understand that more in nature […]
Cornell University ecologist David Pimentel and colleagues estimated that the earth might be able to sustain only 2 billion people by the end of the fossil fuel era. There are about 7.5 billion humans on the planet right now. It seems counterintuitive that there is nearly 4 times the sustainable population now living on the […]
In the environmental debates of the 1970s, one common name hurled at environmentalists was to call them “neo-Malthusians.” This dismissive insult was meant to imply that the concern for environmental issues was nothing more than the contemporary application of the failed analysis of Thomas Malthus (1766-1834). Malthus was a classical economist in the tradition of […]
In the last two decades of the 20th Century, environmental economists made tremendous strides in developing techniques to measure economic values when there are no markets (they call these “non-market valuation”). These efforts grew out of the criticism of the environmental statutes adopted in the 1970s like the Clean Air Act or the Endangered Species […]
I am inspired by students from Dalhousie University in Halifax who have been getting tattoos. These are simple tattoos, just three digits, placed somewhere conspicuous. The number is the concentration of carbon dioxide in the Earth’s atmosphere in their birth year. Were I inclined to get a tattoo, mine would be 319. Since my birth […]
The new administration in Washington is filled with climate change deniers. They reject the consensus among scientists that human behaviors emitting greenhouse gases contribute significantly to climate change. The reality — climate change is part of a larger problem better known as global change. Over 9 billion humans, many living relatively sumptuous lifestyles like ours […]
In many faith communities it is common for adherents to sacrifice. The Shakers embraced celibacy, though some might find that a flawed “business plan” for the endurance of the sect. Catholics for years avoided eating meat on Fridays, a practice good for fish mongers. Likewise, many Jews and Muslims forsake pork in their diets. Dietary […]
When most people hear the word economics they think of money. I remember visiting a local Maine historical society and the excitement the caretaker felt when he learned that I was an economist. He immediately assumed that I would want to see their collection of 19th Century currency in circulation in Maine. I did not. […]
I recently suggested that one solution to the crisis of our age is a shift in economic paradigms to one called Sustainable De-growth. To understand fully the implications of de-growth, we need to see where the phenomenon of growth comes from. A new book by Swiss economic historian Matthias Schmelzer provides deep insights into the […]
