Economics, Equity and the Ecological Predicament
Advances in Ecological Economics series
Edited by Joshua Farley and Deepak Malghan
Chapter 9: Hicksian income, welfare and the steady state
The range of Herman Daly’s contributions to environmental economics has been extensive. I select here one topic upon which he pondered and successfully propagated among environmental economists. This is ‘Hicksian income.’ The estimation of national (or social) income, particularly the portion of it that derives from the exploitation of natural resources, is a subject that has occupied my thinking for some considerable time. This chapter discusses Herman’s ‘Hicksian income,’ and additionally touches on the related topic of ‘steady state economics,’ which I take to be Daly’s most enduring interest. Another aspect of the same topic also reviewed is Daly’s clear preference for viewing income estimates, not just as gauges of output, but as indicators of welfare. In this he has obviously been following Pigou but, surprisingly, as I hope to show below, Hicks also.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.