The paper proposes two axioms that capture the idea of sustainable development and derives the welfare criterion that they imply. The axioms require that neither the present nor the future should play a dictatorial role. Theorem 1 shows there exist sustainable preferences, which satisfy these...

Two major trends in the world economy are international migration and environmental degradation. The object of the paper is to analyze the connection between these two trends, which have generally been analyzed in isolation. Here we represent a world economy in which the exploitation of natural...

The paper explores the impacts of resource export policies on major macro variables of the exporter and the importer economies. There are two regions, North and South, trading resources for industrial goods. Each region consumes two goods (basic consumption goods and industrial goods) and...

Regional free trade zones have been unexpectedly successful in the last decade. Since 1980 the European Community enlarged significantly its membership and its scope. It now includes southern European countries, and market-integrating features allowing goods, people, services and capital to flow...

Regional free trade zones have been unexpectedly successful in the last decade. Since 1980 the European Community enlarged significantly its membership and its scope. It now includes southern European countries, and market-integrating features allowing goods, people, services and capital to flow...

Political economy views economic issues through the lens of political organisation. In today's world, it must focus on the roles of markets and of democracy, two concepts which are driving revolutionary changes in the political organisation of both Europe and Asia. There are two main paradigms...

The present acceleration of environmental destruction can be linked to the economic trading strategies that came into vogue after World War II. The theory of comparative advantages of trade, which recommends that developing countries emphasize resource exports and exports of labor-intensive...

The concept of basic needs is today at the center of many discussions about development and the international order. Some international organizations are rethinking their prior evaluation of development policies based largely on aggregate economic output, in particular, the welfare of the very...

This chapter focusses on global environmental risks such as climate change, an issue that must be confronted as we move into the future. It proposes sound principles of risk management that make sense in today's society generally, going beyond their role of averting and hedging climate risks....

"The global environment is a matter of great importance to all nations.... Yet differences of opinions prevail about the main problems, and about the institutions to manage cooperation....The problem of finding carbon abatement policies is complicated by the scientific uncertainty about the...