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Edited by Heinz D. Kurz and Neri Salvadori

Marshall, A. (1946), Principles of Economics, London: Macmillan. Ricardo, D. (1951-73), The Works and Correspondence of David Ricardo, 11 vols, ed. P. Sraffa, with the collaboration of M.H. Dobb, Cambridge: Cambridge University Press; referred to in the text as Works. Smith, A. (1976), An Inquiry into the Nature and Causes of the Wealth of Nations, 1st edn 1776; Vol. I1 of The Glasgow Edition of the Works and Correspondence o Adam Smith, f ed. R.H. Campbell, AS. Skinner and W.B. Todd, Oxford: Oxford University Press; referred to in the text as WN. Sraffa, P. (1960

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Geert Van Calster and Leonie Reins

EU Environmental Law 10.  Biodiversity and nature conservation Risks to natural resources, that is, biodiversity loss and degradation, have been an intense focus of the EU for quite some time. In the Commission’s 2001 Sustainable Development Study, 1 it was recognised that biodiversity loss in the EU was one of the biggest environmental challenges 2 threatening the “future well-being of European society”. 3 Further, in the EU biodiversity strategy for the period up to 2020, 4 the EU, having failed to attain the 2010 goal, aims at “reversing

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David Pearce, Kirk Hamilton and Giles Atkinson

9. Valuing nature David Pearce, Kirk Hamilton and Giles Atkinson 1 INTRODUCTION Roefie Hueting’s New Scarcity and Economic Growth (Hueting, 1980) has a deserved place in the history of environmental economics. Roefie warned that slavish adherence to gross national product (GNP) as an indicator of human well-being was totally misleading because of its exclusion of so many of the factors that contribute to that well-being, not least the quality of the services provided to us by the natural environment. While this observation is today a commonplace, we often risk

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The Nature’s Trust paradigm for a sustaining economy

Sustainable, Just, and Democratic

Mary Christina Wood

5. The Nature’s Trust paradigm for a sustaining economy Mary Christina Wood1 I. INTRODUCTION: HOW ENVIRONMENTAL LAW DESTROYS NATURE AND ENABLES A RUINOUS ECONOMY The commonly invoked “jobs versus environment” rhetoric over-­simplifies a complex problem: our current environmental regulatory system lacks an economic approach that offers hope of prosperity consistent with ecological protection. Though it purportedly aims to control harm inflicted by the industrial economy, environmental statutes actually prop up that same economy by authorizing permits to pollute

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The Nature of Corporate Governance

The Significance of National Cultural Identity

Janet Dine

This book presents a thoughtful inquiry into the nature and rationale of corporate governance. The authors address fundamental questions including; What is the balance between ownership and control?; For whose interests should the company be run?; What is the institutional balance between shareholders, directors and other potential stakeholders, including the economy?
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Catherine Iorns Magallanes and Linda Sheehan

4. Reframing rights and responsibilities to prioritize nature Catherine Iorns Magallanes and Linda Sheehan I. INTRODUCTION The legal framework for the global economy is one based on private property, particularly property over nature. This property framework sees humanity’s relationship with nature as one of command and control, whereby humans are separate from and above nature, and are entitled to use it as a resource for our own need and greed. The first three chapters outlined how we need to change our economy to one that recognizes and fosters a different set

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Alexandra Langlais

capital can be found in earlier conventions such as the African Convention on the Conservation of Nature and Natural Resources, in its first version, that of 1968. 4 Indeed, the idea of natural capital emerges implicitly when reference is made to the TEEB study, as in the decision regarding the Strategic Plan for Biodiversity 2011–2020 and the Aichi Biodiversity Targets 5 whereby Parties to the Convention on Biological Diversity (CBD) are invited ‘to make use of the findings of the study on The Economics of Ecosystems and Biodiversity and other relevant studies, to

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Dennis R. Young

Financing Nonprofits and Other Social Enterprises 4.  The nature of benefits and their financing INTRODUCTION Chapter 3 made a general distinction between public and private benefits produced by social purpose organizations. This chapter further differentiates within and between these broad categories in order to account for the myriad combinations of SPO finance. In brief, it is argued that the better that an SPO understands the nature of the benefits it provides, the more successful it can be in generating the necessary economic resources to

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The endogenous nature of the subprime crisis

The Responsibility of Economists for the Great Recession

Giancarlo Bertocco

Crisis and the Failure of Economic Theory 8.    The endogenous nature of the subprime crisis The alteration of institutions that has led to the reduction in the uncertainties of the physical environment has created the complex human environment which has produced a whole new (and in many cases still unresolved) set of uncertainties. The revolution in technology of the past several centuries has made possible a level of human well-being of unimaginable proportions as compared to the past, but it also has produced a world of interdependence and

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William E. Rees

22  Going down? Human nature, growth and (un)sustainability William E. Rees SETTING THE STAGE: THE NATURE AND NURTURE OF UNSUSTAINABILITY This chapter starts from the premise that the scale of the human enterprise is already excessive – our best science shows that we are in a state of ecological ‘overshoot’. Resource consumption and waste production exceed the regenerative and assimilative capacities of nature and both are still trending upward. The purpose of the analysis is to make the case that this situation is, in fundamental ways, ‘natural’. Techno