The Environment

The Fed and it’s friends blamed cold weather for much of the year’s lackluster economic growth.

An expert in environmental economics, Dolan attempts to assess the Austrian contribution to this field. He finds it wanting. I must make the same assessment of Dolan. His misunderstanding of Austrian economics is only matched by his mischaracterization of free market environmentalism.

Some scholarship in the Austrian tradition today opens itself to the charge that it is textual exegesis — what did Mises really mean?

In the introduction to the proceedings of the South Royalton conference, I suggested that Austrian economics had the potential not just to survive but also to achieve what Thomas Kuhn (1962) calls a scientific revolution. Such a revolution would fundamentally change the way practitioners of a field saw the world as a new paradigm came to replace the dominant one. What can we say of the success of Austrian economics in that regard?

Re-Thinking Green: Alternatives to Environmental Bureaucracy is an excellent book of easy-reading essays dealing with environmental policy from the perspective of “free-market environmentalism” 

Austrian economics lacks a formalized, self-conscious theory of environmental economics. But in fact all of the major elements of such a theory already exist and in that sense what

Almost nowhere, however, are lay readers presented with a more sober and realistic perspective according to which the institutional framework of market economies has always been conducive to greater resource 

The Hotelling Principle defines socially-optimal conservation of an exhaustible resource i a mathematically-defined, equilibrium environment in which no human action can occur.

Let us begin our analysis by making the distinction between free markets in their pure, laissez faire or capitalist dimension, on the one hand, and market socialism on the other. 

The economic theory of intergenerational sustainability is essentially neoclassical in nature and purports to provide a prescriptive framework for deciding how current generations