There has been considerable debate about the independence of the three policy goals of allocative efficiency, distributional equity, and ecological sustainability since Daly's (1992) paper on the subject (Prakash and Gupta, 1994; Daly, 1994; Stewen, 1998; Daly, 1999; Stewen, 1999). I would like to weigh in...

This paper revisits the natural capital/human-made capital substitutability debate by putting forward a production function incorporating the first and second laws of thermodynamics. Use of this alternative production function shows that, where relevant, the elasticity of substitution between...

There has been considerable debate about the independence of the three policy goals of allocative efficiency, distributional equity, and ecological sustainability since Daly's (1992) paper on the subject (Prakash and Gupta, 1994; Daly, 1994; Stewen, 1998; Daly, 1999; Stewen, 1999). I would like to weigh in...

This paper revisits the natural capital/human-made capital substitutability debate by putting forward a production function incorporating the first and second laws of thermodynamics. Use of this alternative production function shows that, where relevant, the elasticity of substitution between...