Valuing the Future: economic theory and sustainability

Economist Geoffrey Heal presents a coherent framework for understanding the earth's future from an economic perspective. Heal's model begins with a reconciliation of the economist's and environmentalist's time horizon and shows the benefits of viewing the environment as an economic asset that should be understood as a part of a nation's income and explains how this approach can lead to more conservative patterns of resource use. Stepping beyond merely theoretical generalities, Valuing the Future offers a dynamic new blueprint for comprehending sustainability. Chapters provide complete mathematical templates for the valuation of a depletable stock and of renewable resources, the proper calculation of national income, and the conduct of cost-benefit analysis.