The Place of Nature in Economic Development
Chapter Chapter 74 in Handbook of Development Economics, 2010, vol. 5, pp 4977-5046 from Elsevier
In this chapter both theory and empirics are used to show that our picture of the processes of economic development changes radically when nature is introduced as a capital asset. Particular features of institutions that fashion societies' use of the natural-resource base are identified and analyzed. It is also shown that conventional measures of human welfare are inadequate for identifying sustainable development.
Keywords: sustainable development; wealth; externalities; common property resources; global public goods; climate change; social discount rates; environmental risks; shadow prices; natural capital (search for similar items in EconPapers)
JEL-codes: D6 H1 I3 O1 O4 Q2 Q5 (search for similar items in EconPapers)
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