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Contents Acknowledgments A Note to Instructors Introduction Part I An Introduction to Ecological Economics Chapter 1 Why Study Economics? What is Economics? The Purpose of this Textbook Coevolutionary Economics The Era of Ecological Constraints Outline of the Text Chapter 2 The Fundamental Vision The Whole and the Part Optimal Scale Diminishing Marginal Returns and Uneconomic Growth Paradigm Shift Say's "Law": Supply Creates Its Own Demand Leakages and Injections Linear Throughput and Thermodynamics Big Ideas to Remember Chapter 3 Ends, Means, and Policy Ends and Means--A Practical Dualism The Presuppositions of Policy Determinism and Relativism The Ends-Means Spectrum Three Strategies for Integrating Ecology and Economics Big Ideas to Remember Conclusions to Part I Part II The Containing and Sustaining Ecosystem, the Whole Chapter 4 The Nature of Resources and the Resources of Nature A Finite Planet The Laws of Thermodynamics Fund-service and Stock-flow Resources Rivalness and Excludability Goods and Services Provided by the Sustaining System Big Ideas to Remember Chapter 5 Abiotic Resources Fossil Fuels Mineral resources Water Ricardian Land Solar Energy Big Ideas to Remember Chapter 6 Biotic Resources Ecosystem Structure and Function Renewable Resources Ecosystem Services Waste Absorption Capacity Big Ideas to Remember Chapter 7 From Empty World to Full World Fossil Fuels Mineral Resources Water Renewable Resources: Structure and Function Waste Absorption Capacity Big Ideas to Remember Conclusions to Part II Part III Microeconomics Chapter 8 The Basic Market Equation The Basic Market Equation What Does the Market Equation Mean? Monopoly and the Basic Market Equation Non-Price Adjustments Supply and Demand Big Ideas to Remember Chapter 9 Supply and Demand Shift in Curve Versus Movement Along a Curve Equilibrium P and Q, Shortage and Surplus Elasticity of Demand and Supply The Production Function The Utility Function Big Ideas to Remember Chapter 10 Market Failures Characteristics of Market Goods Interaction of Excludability, Rivalness, and Congestibility Open Access Regimes Excludable and Non-Rival Goods Non-Rival But Congestible Goods Pure Public Goods Externalities Missing Markets Summary Big Ideas to Remember Chapter 11 Market Failures and Abiotic Resources Fossil Fuels Mineral Resources Freshwater Ricardian Land Solar Energy Big Ideas to Remember Chapter 12 Market Failures and Biotic Resources Renewable Resource Stocks and Flows Renewable Resource Funds and Services Waste Absorption Capacity Biotic and Abiotic Resources: The Whole System Big Ideas to Remember Conclusions to Part III Part IV Macroeconomics Chapter 13 Macroeconomic Concepts: GNP and Welfare A Troubled Marriage Gross National Product Sustainable Income Beyond Consumption-Based Indicators of Welfare Big Ideas to Remember Chapter 14 Money Virtual Wealth Seigniorage The Fractional Reserve System Money and Thermodynamics Money as a Public Good Big Ideas to Remember Chapter 15 Distribution Pareto Optimality Distribution of Income and Wealth Functional and Personal Distribution of Income Measuring Distribution Consequences of Distribution for Community and Health Intertemporal Distribution of Wealth Big Ideas to Remember Chapter 16 The IS-LM Model IS: The Real Sector LM: The Monetary Sector Combining IS and LM Exogenous Changes in IS and LM IS-LM and Monetary and Fiscal Policy ISLM in the Real World Adapting IS-LM to Ecological Economics Big Ideas to Remember Conclusions to part IV Part V International Trade Chapter 17 International Trade The Classical Theory: Comparative Advantage Kinks in the Theory Capital Mobility and Comparative Advantage Absolute Advantage Globalization versus Internationalization The Bretton Woods Institutions The World Trade Organization Big Ideas to Remember Chapter 18 Globalization Efficient Allocation Sustainable Scale Just Distribution Summary Big Ideas to Remember Chapter 19 International Flows and Macroeconomic Policy Balance of Payments Exchange Rate Regimes Capital Mobility and National Policy Levers Economic Stability Big Ideas to Remember Conclusions to Part V Part VI Policy Chapter 20 General Design Principles for Policy Basic Rules Which Policy Comes First? Controlling Throughput Price versus Quantity as the Policy Variable Sink vs. Source Big Ideas to Remember Chapter 21 Sustainable Scale Direct Regulation Pigouvian Taxes Pigouvian Subsidy Tradable Permits Policy in Practice Big Ideas to Remember Chapter 22 Just Distribution Caps on Income and Wealth Minimum Income Distributing Returns from the Factors of Production Additional Policies Big Ideas to Remember Chapter 23 Efficient Allocation Pricing and Valuing Non-Market Goods and Services Macro Allocation Spatial Aspects of Non-market Goods Redefining Efficiency Big Ideas to Remember Conclusions Glossary Further Readings Index About the Authors
Library of Congress Subject Headings for this publication: Environmental economics