Capital theory is a cornerstone of modern economics. Its ideas are fundamental for dynamic equilibrium theory and its concepts are applied in many branches of economics like game theory, resource and environmental economics, although this may not be recognized on a first glance. In this monograph, an approach is presented, which allows to derive important results of capital theory in a coherent and readily accessible framework. A special emphasis is given on infinite horizon and overlapping generations economics. Irreversibility of time, or the failure of the market system appear in a different light if an infinite horizon framework is applied. To bridge the gap between pure and applied economic theory, the structure of our theoretical approach is integrated in a computable general equilibrium model.
This book analyzes environmental protection and resource use in a comprehensive framework where not only economic but also natural scientific aspects are taken into consideration. The special features of the book are (i) that the authors utilize a natural scientific variable, entropy, to characterize the economic system and the environment, (ii) that environmental protection and resource use are analyzed in combination, and (iii) that a replacement of techniques over time is analyzed. The authors investigate the use of the environment both as a supplier of resources and as a recipient of pollutants with the help of thermodynamic relationships. The book therefore provides a new set of tools for environmentalists and economists.
This book analyzes environmental protection and resource use in a comprehensive framework where not only economic but also natural scientific aspects are taken into consideration. The special features of the book are (i) that the authors utilize a natural scientific variable, entropy, to characterize the economic system and the environment, (ii) that environmental protection and resource use are analyzed in combination, and (iii) that a replacement of techniques over time is analyzed. The authors investigate the use of the environment both as a supplier of resources and as a recipient of pollutants with the help of thermodynamic relationships. The book therefore provides a new set of tools for environmentalists and economists.
Capital theory is a cornerstone of modern economics. Its ideas are fundamental for dynamic equilibrium theory and its concepts are applied in many branches of economics like game theory, resource and environmental economics, although this may not be recognized on a first glance. In this monograph, an approach is presented, which allows to derive important results of capital theory in a coherent and readily accessible framework. A special emphasis is given on infinite horizon and overlapping generations economics. Irreversibility of time, or the failure of the market system appear in a different light if an infinite horizon framework is applied. To bridge the gap between pure and applied economic theory, the structure of our theoretical approach is integrated in a computable general equilibrium model.
This book analyzes environmental protection and resource use in a comprehensive framework where not only economic but also natural scientific aspects are taken into consideration. The special features of the book are (i) that the authors utilize a natural scientific variable, entropy, to characterize the economic system and the environment, (ii) that environmental protection and resource use are analyzed in combination, and (iii) that a replacement of techniques over time is analyzed. The authors investigate the use of the environment both as a supplier of resources and as a recipient of pollutants with the help of thermodynamic relationships. The book therefore provides a new set of tools for environmentalists and economists.
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