Human development theory

Abstract: A new relationship with our goods and materials would save resources and energy and create local jobs, explains Walter R. Stahel.

Abstract: In the e eld of economics, perhaps the most important break with the past— one that leaves open huge areas for future work— lies in the economics of information. It is now recognized that information is imperfect, obtaining information can be costly, there are important asymmetries of information, and the extent of information asymmetries is affected by actions of e rms and individuals. This recognition deeply affects the understanding of wisdom inherited from the past, such as the fundamental welfare theorem and some of the basic characterization of a market economy, and provides explanations of economic and social phenomena that otherwise would be hard to understand. I. INTRODUCTION The century coming to a close has seen vast changes in economics in both ideas and methodology. Upon ree ection, it is remarkable, however, how many of the seeds of advances in this century were sowed in the previous. I would argue that perhaps the most important break with the past— one that leaves open huge areas for future work— lies in the economics of information. The recognition that information is imperfect, that obtaining information can be costly, that there are important asymmetries of information, and that the extent of information asymmetries is affected by actions of e rms and individuals, has had profound implications for the wisdom inherited from the past, and has provided explanations of economic and social phenomena that otherwise would be hard to understand. In this essay I wish to argue that information economics has had— directly and indirectly— a profound effect on how we think about economics today. Eighteenth and Nineteenth-Century Antecedents To be sure, Marshall and other nineteenth century economists talked about problems of imperfect information. But with one exception, discussions of information were obiter dicta, caveats at the end of the analysis; they were never at the center.

Abstract: Conventional economics is increasingly criticized for failing to reflect the value of clean air and water, species diversity, and social and generational equity. By excluding biophysical and social reality from its analyses and equations, conventional economics seems ill-suited to address problems in a world characterized by increasing human impacts and decreasing natural resources. Ecological Economics is an introductory-level textbook for an emerging paradigm that addresses this fundamental flaw in conventional economics. The book defines a revolutionary "transdiscipline" that incorporates insights from the biological, physical, and social sciences, and it offers a pedagogically complete examination of this exciting new field. The book provides students with a foundation in traditional neoclassical economic thought, but places that foundation within a new interdisciplinary framework that embraces the linkages among economic growth, environmental degradation, and social inequity. Introducing the three core issues that are the focus of the new transdiscipline -- scale, distribution, and efficiency -- the book is guided by the fundamental question, often assumed but rarely spoken in traditional texts: What is really important to us? After explaining the key roles played by the earth's biotic and abiotic resources in sustaining life, the text is then organized around the main fields in traditional economics: microeconomics, macroeconomics, and international economics. The book also takes an additional step of considering the policy implications of this line of thinking. Ecological Economics includes numerous features that make it accessible to a wide range of students: more than thirty text boxes that highlight issues of special importance to students; lists of key terms that help students organize the main points in each chapter; concise definitions of new terms that are highlighted in the text for easy reference; study questions that encourage student exploration beyond the text; glossary and list of further readings; An accompanying workbook presents an innovative, applied problem-based learning approach to teaching economics. While many books have been written on ecological economics, and several textbooks describe basic concepts of the field, this is the only stand-alone textbook that offers a complete explanation of both theory and practice. It will serve an important role in educating a new generation of economists and is an invaluable new text for undergraduate and graduate courses in ecological economics, environmental economics, development economics, human ecology, environmental studies, sustainability science, and community development.