Beyond Uneconomic Growth
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Beyond Uneconomic Growth

Economics, Equity and the Ecological Predicament

Edited by Joshua Farley and Deepak Malghan

This engaging book brings together leading ecological economists to collectively present a definitive case for looking beyond economic growth as the sole panacea for the world’s ecological predicament. Grounded in physics, ecology, and the science of human behavior, contributors show how economic growth itself has become “uneconomic” and adds to a ravaging of both social and ecological cohesion.
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Chapter 9: Hicksian income, welfare and the steady state

Salah El Serafy


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.

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