... understanding of his 1931 contribution, and on the origins of the connection between nature and capital in the history of environmental economics. From Depreciation to Exhaustible Resources: On Harold Hotelling s First Steps in Economics Antoine Missemer, Marion Gaspard, and Roberto P. Ferreira da Cunha Harold...

... with other forms of land use, employing calculations that are in line with modern capital and investment theory. The emergence of this type of natural resource economic reasoning was stimulated by the extensive institutional and political changes in England in the latter part of the seventeenth century. Only...

... Property . Accepting the thesis of the separation between ownership and control without further inquiry, Galbraith was first interested in rethinking the nature of competition. In American Capitalism , he provided his alternative model in terms of countervailing power without grounding his argument...

... tax in fisheries, and explains how property rights in fisheries will lead to maximized resource rent and prevent overfishing. What is missing in Warming's description of the problem is the dynamic aspect and that the economics of natural resources should be analyzed in a capital theoretic framework...

... in the Context of the Harrod-Domar Model 75 But this fundamental opposition of warranted and natural rates turns out in the end to flow from the crucial assumption that production takes place under conditions of fi xed proportions. There is no possi- bility of substituting labour for capital...

... assumption of a stable capital-output ratio reflected his endorsement of Hansen’s hypothesis of strong diminishing returns as the capital stock increases relative to labor supply and natural resources at a given level of technical knowledge (Backhouse and Boianovsky 2016). Empirical evidence...

... my case to prove is the following: If the banks set the rate of interest at a level lower than that corre- sponding to the actual level of the natural capital rate of interest, prices will rise and rise again or, if falling, they will fall at a slower speed and finally move in the opposite...

... / The Legacy of Fourier 467 extended justification of the right to work, Considerant distinguished two kinds of capital: the “primitive or natural capital” of all natural resources and especially land; and the “created capital” produced by human labor by means of those resources. Property rights...

... economics in the concept of cultural capital.7 The economic theory of cultural capital identifies a class of capital distinguishable from physical, natural, or human capital by the fact that it embodies or gives rise to a distinct type of value, namely, cultural value, in addition to any com- mercial...

...: rr - if = 0 -3 Yp - Y; = 0 -3 PI = Pt-l (2) These equilibrium conditions (plus the full-employment assumption) set the stage for cumulative processes of inflation and deflation, which start whenever the “natural” capital rate and the money rate of interest deviate from each other...

... are “directly and inseparably con- nected” with unproductive or exploitative functions so that the labour of capitalist management has “a double nature” (Capital 111, 383-84): The exploitation of labour costs labour. Insofar as the labour per- formed by the industrial capitalist is rendered...

... into money values” by nonmarket valuations like shadow pricing or contingent val- uation: Prices depend on the distribution of income and on the problematic allocation of property rights to items of “natural capital.” In the in- tergenerational context, the rate of discount needed to weigh future...

... 0 1982 by Duke University Press Marx on the use of history in the analysis of capitalism Richard Nordahl Everyone knows that Marx has an ‘historical approach’. But there is con- fusion regarding the nature of that approach. How does Marx use ‘history’ to help understand...

... reswitchingkapital reversal problem and the classical wage-rate of profits problem. Both problems stem from an incongruity between the endogenous nature of capital and the exogenous basis of the price conceptions and underlying visions of neoclassical and classical theories. The article is organized...

... Journal of Economics between Clark and Bohm- Bawerk on the nature of capital and the concept of the 'period of production," the debate of the thirties between Knight and the 'Aus- trians,' partially covering the same ground,2 and the recent contro- versy between the two Cambridges3...

...- zation, and industrial crises (Marx 1977, ch. 25; and Perelman 1983). The apparent ‘overpopulation’ that then arises is relative, not to natural conditions or food supply, but to the needs of capital accumulation; that is, capital requires a reserve army of labor power on which it can draw...

... [of ex- change] disappear [Grundrisse , p. 2471. Marx’s second analytical consideration then was the essential nature of value generation and the capital-labour relation. He sought this nature in an analysis of the production process. This did not imply that the importance...

... entrepreneur, essential to the free flow of capital from sector to sector that equalized the profit rate, was an entirely natural element of the social world (“where there is free competition, the interests of the individual and the community are never at variance”I6). Indeed, neither wished to assert...

..., to be called the Natural rate of growth. This is the maximum rate of growth allowed by the increase of population, accumulation of capital, technological improvement and the worMeisure preference schedule, supposing that there is always full employment in some sense.’ When the rate of growth...

...” will “regulate their interchange with nature rationally, bring it under their common control,” and accom- plish their tasks “under conditions most adequate to their human na- ture and worthy of it,” again suggesting a “human nature” thwarted by capitalism and free to realize its potentialities...