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Contents • xiChapter 10 Market Failures / 165Characteristics of Market Goods / 165Rivalness / 167Open Access Regimes / 169Excludable and Nonrival Goods / 173Pure Public Goods / 177Externalities / 184Missing Markets / 188Summary Points / 191Big Ideas to Remember / 192Chapter 11 Market Failures and Abiotic Resources / 193Fossil Fuels / 194Mineral Resources / 200Freshwater / 204Ricardian Land / 206Solar Energy / 208Big Ideas to Remember / 209Chapter 12 Market Failures and Biotic Resources / 211Renewable Resource Stocks and Flows / 211Renewable Resource Funds and Services / 222Waste Absorption Capacity / 226Biotic and Abiotic Resources: The Whole System / 230Big Ideas to Remember / 231Chapter 13 Human Behavior and Economics / 233Consumption and Well-Being / 235Rationality / 241Self-Interest / 243Experimental Evidence / 244The Spectrum of Human Behavior / 250A New Model of Human Behavior / 254Big Ideas to Remember / 257Conclusions to Part III / 258PART IV MACROECONOMICS / 259Chapter 14 Macroeconomic Concepts: GNP and Welfare / 261A Troubled Marriage / 262Gross National Product / 266Sustainable Income / 271Alternative Measures of Welfare: MEW,ISEW, and GPI / 274Beyond Consumption-Based Indicators of Welfare / 277Big Ideas to Remember / 284
xii • ContentsChapter 15 Money / 285Virtual Wealth / 288Seigniorage / 289The Fractional Reserve System / 292Money as a Public Good / 293Money and Thermodynamics / 295Big Ideas to Remember / 299Chapter 16 Distribution / 301Pareto Optimality / 301The Distribution of Income and Wealth / 304The Functional and Personal Distribution of Income / 305Measuring Distribution / 307Consequences of Distribution for Community andHealth / 311Intertemporal Distribution of Wealth / 312Big Ideas to Remember / 320Chapter 17 The IS-LM Model / 321IS: The Real Sector / 323LM: The Monetary Sector / 326Combining IS and LM / 329Exogenous Changes in IS and LM / 330IS-LM and Monetary and Fiscal Policy / 333IS-LM in the Real World / 345Adapting IS-LM to Ecological Economics / 347Big Ideas to Remember / 350Conclusions to Part IV / 351PART V INTERNATIONAL TRADE / 353Chapter 18 International Trade / 355The Classical Theory: Comparative Advantage / 355Kinks in the Theory / 358Capital Mobility and Comparative Advantage / 360Absolute Advantage / 362Globalization vs. Internationalization / 363The Bretton Woods Institutions / 364The World Trade Organization / 365Summary Points / 367Big Ideas to Remember / 368Chapter 19 Globalization / 369Efficient Allocation / 369Sustainable Scale / 378
Page 6 and 7: To Andrea and MarciaAnd to the next
Page 8: Ecological EconomicsPrinciples and
Page 11: x • ContentsExcludability and Riv
Page 15 and 16: xiv • ContentsChapter 24 Efficien
Page 18 and 19: A Note to InstructorsAtextbook is u
Page 20 and 21: IntroductionProbably the best intro
Page 22 and 23: Introduction • xxiIs McNeill corr
Page 24 and 25: Introduction • xxiiiplinary resea
Page 26 and 27: that feed the economic process and
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Page 32 and 33: CHAPTER1CHAPTERWhy Study Economics?
Page 34 and 35: Chapter 1 Why Study Economics? •
Page 40 and 41: cate as local resources ran out. Pe
Page 42 and 43: concern with scale involves a conce
Page 45 and 46: 16 • An Introduction to Ecologica
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Page 60 and 61: Chapter 2 The Fundamental Vision
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natural capacities was also an inde
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increasing demand for carrying capa
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38 • An Introduction to Ecologica
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Mill thought we would pay more atte
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Conclusions to Part IIn Part I, we
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CHAPTER4The Nature of Resourcesand
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Chapter 4 The Nature of Resources a
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■ Excludability and RivalnessChap
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CHAPTER5Abiotic ResourcesIn this ch
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cluding those of exploration, machi
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source. Therefore, as we continue t
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ergy needs, much of which is used t
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Chapter 5 Abiotic Resources • 85F
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ut can be extracted at virtually an
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from the same land in an appreciabl
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owner captures, there is no less le
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CHAPTER6Biotic ResourcesBiotic reso
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Box 6-1Risk, Uncertainty, and Ignor
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Amazon, Indonesia and Mexico), and
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Chapter 6 Biotic Resources • 99Fi
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Box 6-2Minimum Viable Population, M
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Chapter 6 Biotic Resources • 103B
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■ Table 6.1EXAMPLES OF SERVICES P
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when combined together generate eco
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to assimilate the waste you dump in
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CHAPTER7From Empty Worldto Full Wor
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sustaining system. What follows is
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Chapter 7 From Empty World to Full
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years, and it continues to climb. H
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Chapter 7 From Empty World to Full
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Conclusions to Part IIIn Part II we
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CHAPTER8The Basic Market EquationTh
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Here are the three principles:Law o
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those profits are greater than the
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Px/Py = MPPay/MPPaxThis is the righ
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Chapter 8 The Basic Market Equation
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possibility conditions (ratios of M
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148 • MicroeconomicsPS2S1P 2P1P32
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150 • MicroeconomicsFigure 9.3
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152 • MicroeconomicsRent (also kn
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156 • Microeconomicsprice by stay
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158 • Microeconomicswhile these a
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160 • Microeconomicsanalysis righ
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164 • Microeconomicsimportance of
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166 • Microeconomicssomeone, it w
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168 • MicroeconomicsTHINK ABOUT I
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Box 10-1The Atlantic Cod Fishery:A
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172 • MicroeconomicsMany economis
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Box 10-2The Linux Operating System
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176 • Microeconomicsogy advanced
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178 • Microeconomicsto pay the co
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180 • Microeconomicsof course, wo
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182 • Microeconomicsof any cures
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184 • Microeconomicsover the prod
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188 • Microeconomicsnumber of peo
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190 • Microeconomicsduction to he
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192 • MicroeconomicsBIG IDEAS to
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198 • Microeconomicsmarkets in ge
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200 • Microeconomicson intragener
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202 • MicroeconomicsDo Prices Ref
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204 • MicroeconomicsThis result i
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206 • Microeconomicsties, such as
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208 • Microeconomicsaction subseq
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CHAPTER12Market Failures andBiotic
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Chapter 12 Market Failures and Biot
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Figure 12.3 • Sustainable harvest
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ever, we lose not only the opportun
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of aggregate economic production of
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a public bad, which is something th
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234 • Macroeconomicsothers experi
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236 • MacroeconomicsEconomists of
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238 • Macroeconomicswhole (see Fi
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240 • Macroeconomicsimportant tha
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242 • MacroeconomicsFigure 13.2
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244 • Macroeconomicsbehavior abou
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246 • Macroeconomicsdefectors, wh
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248 • Macroeconomicsstrategies ah
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250 • Macroeconomicscepted wisdom
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252 • MacroeconomicsThis suggests
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254 • Macroeconomicsinducing coop
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256 • MacroeconomicsUltimately, t
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258 • MacroeconomicsConclusions t
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CHAPTER14Macroeconomic Concepts:GNP
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Chapter 14 Macroeconomic Concepts:
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■ Table 14.1MAX-NEEF’S MATRIX O
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CHAPTER15MoneyMoney ranks with the
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Chapter 15 Money • 287limit to th
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Chapter 15 Money • 289of real ass
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Chapter 15 Money • 291deemable in
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Chapter 15 Money • 293Now let’s
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Chapter 15 Money • 295is a coordi
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Chapter 15 Money • 297of the prod
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Chapter 15 Money • 299BIG IDEAS t
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302 • Macroeconomicshas tended to
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304 • MacroeconomicsIf we admit i
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308 • MacroeconomicsThe Gini coef
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310 • MacroeconomicsBox 16-2Distr
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312 • Macroeconomicsfrequent expe
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314 • Macroeconomicsmight be dete
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316 • Macroeconomicsto deal with
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318 • Macroeconomicscosts, such a
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320 • Macroeconomicsbecome availa
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322 • Macroeconomicssectors than
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326 • Macroeconomicswill correspo
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328 • Macroeconomicsbut today we
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332 • Macroeconomicscan weaken or
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334 • Macroeconomicstary authorit
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336 • Macroeconomicsagement. Frac
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338 • Macroeconomicseconomy? The
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340 • MacroeconomicsUnemploymentI
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342 • Macroeconomicsin material t
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344 • Macroeconomicslarger the im
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346 • Macroeconomicsof the multip
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348 • Macroeconomicsterms implied
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350 • Macroeconomicssource exhaus
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PART VInternational Trade
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356 • International tradeA countr
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358 • International tradeis bette
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360 • International trade■ Capi
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362 • International tradetage see
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364 • International tradebreak so
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366 • International tradeicy of g
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CHAPTER19GlobalizationWhy are so ma
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Ironically, the U.S. assistant atto
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has foundered so much since the 197
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Chapter 19 Globalization • 375not
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Chapter 19 Globalization • 377Box
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costs of economic growth. In recent
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■ Just DistributionFinally, we tu
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economies have liberalized. While C
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Yet on closer examination, the hist
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chase that food. If agricultural ma
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CHAPTER20Financial GlobalizationLib
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ance (capital plus current account)
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affect the exchange rate under a fl
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feedback loop. If returns on assets
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4. The sub-prime mortgage crisis st
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loans. As long as the securities co
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■ Ecological Economic Explanation
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lars available for repayment, incre
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■ What Should Be Done About Globa
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onds, which must be repaid with int
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Conclusions to Part VGlobalization
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CHAPTER21General PolicyDesign Princ
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can tax energy for the sake of effi
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this feedback, and real-life outcom
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Economists sometimes argue that sca
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Chapter 21 General Policy Design Pr
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pendently the rate of extraction of
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tus quo, claiming that privilege as
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CHAPTER22Sustainable ScaleEnvironme
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ter 21, that policies should sacrif
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This means that there is always an
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■ Cap and TradeTradeable permits
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Chapter 22 Sustainable Scale • 43
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In 1990, when Canada modified its s
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■ Policy in PracticeWe see, then,
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CHAPTER23Just DistributionThe distr
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Chapter 23 Just Distribution • 44
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and other billionaires be so wealth
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come. This involves other, less con
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ers are also concerned about how ot
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Distributing the Returns to Natural
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work. All the returns from the sale
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Chapter 23 Just Distribution • 45
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CHAPTER24Efficient AllocationAlloca
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Box 24-1Pricing Nature and LifeIn r
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Chapter 24 Efficient Allocation •
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tionist approach of assuming that t
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$652 billion per year that preferen
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for the government to simply supply
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Chapter 24 Efficient Allocation •
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not be worth the investment of the
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all subsidies, but there still woul
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source. Alternatively, lowering the
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Looking AheadTis book has focused o
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of places in the sun between humans
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482 • GlossaryMonetary Fund) and
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484 • GlossaryEconomic imperialis
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486 • GlossaryGini coefficient A
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488 • GlossaryLiquidity preferenc
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490 • GlossaryNormal profit The o
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492 • GlossarySecond Law of Therm
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494 • GlossaryUtility function A
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496 • Suggested ReadingsHokikian,
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498 • Suggested ReadingsDaly, Her
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500 • About the Authorsplied prob
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502 • IndexClausius, Rudolf, 65Cl
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504 • Indextion of the financial
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506 • Index127; in ecological eco
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508 • Indexstock-flow, 97-98; nat
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