Economy-environment interactions in the long-run: a neo-Austrian approach

Malte Faber; John Proops; Matthias Ruth; Peter Michaelis

doi:10.1016/0921-8009(90)90012-J

Economy-environment interactions in the long-run: a neo-Austrian approach

Malte Faber^*, John Proops, Matthias Ruth, Peter Michaelis

^*Corresponding author for this work

Vice Chancellor's Office

Research output: Contribution to journal › Article › peer-review

Abstract

This paper describes a neo-Austrian approach to the long-run interactions between invention, innovation and technical progress on the one hand, and resource use and pollution on the other. This approach is used to construct a formal model which simulates output, capital accumulation, pollution emission, pollution abatement, etc., for a simple model economy. We begin by reviewing the role and conceptualisation of time in economic modelling. We then move on to outline neo-Austrian capital theory as an alternative to the conventional approach. We note the implications of the neo-Austrian approach for modelling resource use and pollution, and a simulation model is constructed embodying the neo-Austrian approach to the time structure of production. The two possible ways the model can be interpreted are then explored. Results from the simulation model are presented and assessed. Finally, plans for future work with this approach are described.

Original language	English
Pages (from-to)	27-55
Number of pages	29
Journal	Ecological Economics
Volume	2
Issue number	1
DOIs	https://doi.org/10.1016/0921-8009(90)90012-J
Publication status	Published - 6 Mar 2002

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Economy-environment interactions in the long-run: a neo-Austrian approach

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