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Summary and Conclusions

In: The World Economy, Population Growth, and the Global Ecosystem

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  • Harland Wm. Whitmore

Abstract

The complete unified model of the world economy operating within the global ecosystem consists of the production, employment, pricing, and wage-setting functions summarized in chapter 10 plus the financial market equilibrium conditions specified in chapter 15, the restrictions on these conditions presented in chapter 16, and the end-of-period equations for the real resources, the manufactured goods, the human populations, and the stocks of financial assets. Once all of these end-of-period stocks are determined, new rounds of decision making occur for next period similar to the ones presented in this study for the current period. Together, these equations of motion propel the world economy and the global ecology through time. In principle, these functions could provide the basis for numerical simulations that would reveal the sensitivity of the system to alternative assumptions regarding mortality rates, the amount of mass wasted per unit of each capital or consumption good produced, the ability of the basic resource to assimilate waste, the growth rates of the renewable resources, the ability of labor and capital services to transform mass into capital or consumption goods, et cetera.

Suggested Citation

  • Harland Wm. Whitmore, 2007. "Summary and Conclusions," Palgrave Macmillan Books, in: The World Economy, Population Growth, and the Global Ecosystem, chapter 18, pages 311-312, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-60730-9_18
    DOI: 10.1057/9780230607309_18
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