Re: [ox-en] [Upd-discuss] Paper:"Digital property" By Sabine Nuss - Response t
- From: Soenke Zehle <soenke.zehle web.de>
- Date: Fri, 07 Oct 2005 13:18:22 +0200
Franz,
this is key: "Some resources, such as timber, are rival generationally,
since within a generation there is only a limited supply, but can be
non-rival in the long-term if exploited at levels of sustainable yield,
that is if only income and not capital is consumed."
This is where all classical economics fails; the whole idea of achieving
allocative optima through self-regulating markets is at odds with any
thought of futurity, econ theory accommodates this rather awkwardly
through fiddling with discount rates for future use. That's also why,
imo, ecological economists like Daly (one-time World Bank dissident who
was actually much more interesting than Stiglitz, for example) and
others like Martinez have turned the problem of inter-generational
allocation of resources into a major area of emphasis,
Soenke
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