This paper posits that the sequencing of topics in introductory economics texts plays a subtle, but potentially key, role in influencing the effective delivery of principles courses. The key criterion for effectiveness is the attainment of economic literacy. The effective role of sequencing is...

Ezra Mishan's (1967) famous articulation of the costs of economic growth included amongst others the rearrangement and loss of nature. This paper builds on this theme by recourse to two important concepts in science, namely the assimilative capacity of nature and the entropy of law of...

Environmental issues are usually considered as drivers of allocative distortions within markets. The corrections of such distortions, for example, by recourse to the internalization of externalities, are firmly rooted within the market framework. Therefore the traditional view is that...

This paper deals with sensitive environmental resources that warrant preservation. Inadequate legal safeguards for preserving such resources stem from the lack of recognition offered to the scientific realities of the natural environment. As a result, the long run implications for welfare losses...

The economic valuation of ecosystem services in cities often relies on the concept of willingness to pay. Such reliance invariably leads to the adoption of methods that have several inherent limitations. The object of this paper is to present both a conceptual and methodological framework within...

The recognition of two important concepts in science, namely the assimilative capacity of nature and the entropy of law of thermodynamics enables the formulation of an alternative framework for factor-utilization in economics. This framework, which includes environmental capital (KN) as a...

The extraction of energy resources and the preservation of sensitive in-situ environmental assets are invariably mutually exclusive alternatives. The opportunity cost value of preserving the environmental assets can be assessed by recourse to resource rent taxes, and threshold values. The case...

The aim of this paper is to demonstrate the significant differences that would emerge in policy formulation, when environmental capital is explicitly accounted for in macroeconomic analyses. These differences are illustrated with reference to the Australian economy. The main analytic frameworks...

The aim of this paper is to demonstrate the significant differences that would emerge in policy formulation, when environmental capital (KN) is explicitly accounted for in macroeconomic analyses. These differences are illustrated with reference to two selected Organisation for Economic...

Adding sustainability to the conditions of perfect competition (PC) results in a meaningful benchmark, especially in the context of pursuing sustainability as a policy goal. On this basis, some standard explanations involving the comparisons with imperfect competition can be questioned. But,...