The concept of capital has a number of different meanings. It is useful to differentiate between five kinds of capital: financial, natural, produced, human, and social. All are stocks that have the capacity to produce flows of economically desirable outputs. The maintenance of all five kinds of...

Macroeconomic theory has not yet come to grips with major issues of the twenty- first century. These include environmental pressures, demographic changes, the size, structure, and power of multinational corporations, and growing economic inequality. Existing macroeconomic theory also does not...

Macroeconomic theory and policy are strongly based on the assumption that economic growth is a fundamental goal. The environmental realities of the twenty- first century compel a reassessment of macro theory in terms of the impact of current growth patterns on planetary ecosystems. This paper...