ZICw2w

504 • Indextion of the financial sector, 395–97,395t; national policy levers and,389, 440; sustainable scale and,378–80; theories about economicstability, 393–95Gnosticism, 39n, 42GNP. See Gross national productGold standard, 294Gore, Al, 375Gosplan, 52, 52nGould, Stephen Jay, 249bGovernment expenditure, 26–27, 343.See also Monetary and fiscal policyGovernment regulation. See Policies forsustainable scaleGradualism, 416, 439Great depression, 393Green Golden Rule, 224Greenspan Alan, xxii, 263n, 346, 394nGross domestic product (GDP), 34,238Gross National Happiness (GNH),274bGross national income and mean satisfaction,237fGross national product (GNP): alternativemeasures of welfare, 274–77,274b; as cost, 272–73; defensive expendituresand depletion of naturalcapital, 270–71; defined, 266–67;elasticity and, 154n; growth and, 7;per-capita, 267; real, 22n, 267–68;total welfare and, 268–70, 269fGrowth: defined, 6; development vs.,6–7; distributive equality and, 301;financial crisis and, 406; finiteplanet and, 62–64; infinite growthas impossible goal, xxii–xxiv; aspandemic, 264HHalogenated hydrocarbons, 120–21Happiness, 235–41, 237f, 274b. Seealso Welfare, humanHappy Planet Index, 274bHardin, Garrett, 169, 171Hayek, F. A., 135Heal, Geoffrey, 224Health care, universal, 456Health consequences of distribution,311–12Heavily Indebted Poor Countries(HIPCs), 382Heavy metals, 120Hedge investors, 394–95, 404Hedonic pricing method, 461bHeilbroner, R., 32Helmholtz, Herman, 65Herd behavior, 394nHeyes, A., 348nHicks, John, 322, 345n, 347, 374Homo economicus, 130n, 233–34, 304Hotelling, Harold, 197, 203Hotelling rule, 197Hubbert, M. King, 114, 295–96Hubbert curve, 114, 114f, 115fHuman behavior. See Behavioral economicsHuman development approach to welfare,281–82Human needs, 277–84, 279t–280tHuman needs assessment (HNA), 282Human well-being. See Welfare, humanHumphrey, Hubert, 387bHunter-gatherers, 8–9Hurricane Katrina, 163–64Hurwitz, Charles, 332bHydrocarbons. See Fossil fuelsHydrochlorofluorocarbons (HCFCs),120–21Hydroelectricity, 88, 90Hydrologic cycle, 88Hyperbolic discounting, 319bHyperinflation, 338IICMS ecológico, 473Identity, choice of, 239–40Identity of exchange (MV = PQ), 322bIgnorance, 95bIMF (International Monetary Fund),364–65, 365–66, 389, 405Immobility of capital, 360–63Imperialism, economic, 51–54, 51fImports as leakage, 27Import-substituting industrialization(ISI), 385–86Inalienability rule, 425, 462Inalienable rights, 53, 188–89Income, sustainable, 271–73Income accounting, 271Income and wealth. See WealthIncome distribution. See Distribution;Policies for just distribution“Income theory,” 265Index of Sustainable Economic Welfare(ISEW), 275, 276fIndividual transferable quotas (ITQs),437–38Indonesia, 421–22Industrialization, 10–11, 12, 64,384–86Inflation, 336–39, 340, 347bInformation and knowledge: asymmetric,399, 464–66, 472; cooperationand, 256; as excludable and nonrivalgoods, 173–77; natural capital vs.,255; nonmarket goods and ignorance,460; open-source software,174b–175b; perfect, 136n; publicgoods and scarcity, 181–83; as resource,39–41; scarcity effect, 203Information technology (IT) economy,40–41Injections, 26–28Innovation, 374Insatiability, 4, 233Institutions and excludability, 166Integration, 363–64Intellectual property rights, 166,175–77, 372–73Interest rates: demand for money and,329; Fed and, 295; inflation and,338–39; Latin American debt crisisand, 396b; liquidity trap, 336; psychologyand, 346; subsidized, 467.See also Monetary and fiscal policyInternational Bank for Reconstructionand Development (World Bank),364–65, 365–66International Clearing Union, 365Internationalization vs. globalization,363–64International Monetary Fund (IMF),364–65, 365–66, 389, 405International Pacific Halibut Commission(IPHC), 436International Patent Institute, 372International trade. See Trade, internationalIntertemporal allocation, 320Intertemporal discounting, 53, 189–90,315–20Intertemporal distribution of wealth,312–20Intrinsic motivations, 248–49Investment: discounting and, 318; excludabilityand, 166; as injection,26; IS curve, 323–26, 324f, 331; netpresent value and, 219–22Invisible hand, 262Irrational exuberance, 394nIS curve, 324–26, 324f, 330–31, 333fISEW (Index of Sustainable EconomicWelfare), 275, 276f