Ethics and economics: Lewis Gray and the conservation question
: In “The Economic Possibilities of Conservation” , Lewis Gray reinterpreted from an economic point of view the idea of conservation which had popularized the American Conservation Movement. He linked intergenerational equity and non-renewable resource extraction rate. Gray’s article can be considered as an antecedent of two significant debates in modern natural resource economics. On the one hand, it is a direct precedent of the environmental discussion about the meaning of discounting. On the other, it is an important element in the historical conformation of the sustainability debate.
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- John Hartwick, 1977. "Intergenerational Equity and the Investment of Rents from Exhaustible Resources in a Two Sector Model," Working Papers 281, Queen's University, Department of Economics.
- Arrow, Kenneth J & Fisher, Anthony C, 1974. "Environmental Preservation, Uncertainty, and Irreversibility," The Quarterly Journal of Economics, MIT Press, vol. 88(2), pages 312-19, May.
- John Rowse, 1990. "Discount Rate Choice and Efficiency in Exhaustible Resource Allocation," Canadian Journal of Economics, Canadian Economics Association, vol. 23(4), pages 772-90, November.
- Solow, Robert M, 1986. " On the Intergenerational Allocation of Natural Resources," Scandinavian Journal of Economics, Wiley Blackwell, vol. 88(1), pages 141-49.
- Hartwick, John M, 1977.
"Intergenerational Equity and the Investing of Rents from Exhaustible Resources,"
American Economic Review,
American Economic Association, vol. 67(5), pages 972-74, December.
- John Hartwick, 1976. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," Working Papers 220, Queen's University, Department of Economics.
- Weitzman, M.L., 1993.
"On the 'Environmental' Discount Rate,"
Harvard Institute of Economic Research Working Papers
1625, Harvard - Institute of Economic Research.
- Collard, David, 1996. "Pigou and Future Generations: A Cambridge Tradition," Cambridge Journal of Economics, Oxford University Press, vol. 20(5), pages 585-97, September.
- Daly, Herman E., 1990. "Toward some operational principles of sustainable development," Ecological Economics, Elsevier, vol. 2(1), pages 1-6, April.
- Alonzo Smith, Gerald, 1986. "Gray and Hotelling: A comment," Journal of Environmental Economics and Management, Elsevier, vol. 13(3), pages 292-294, September.
- Solow, Robert M, 1974. "The Economics of Resources or the Resources of Economics," American Economic Review, American Economic Association, vol. 64(2), pages 1-14, May.
- Dwight R. Lee & Daniel Orr, 1975. "The Private Discount Rate and Resource 'Conservation.'," Canadian Journal of Economics, Canadian Economics Association, vol. 8(3), pages 351-63, August.
- Crabbe, Philippe J., 1983. "The contribution of L. C. Gray to the economic theory of exhaustible natural resources and its roots in the history of economic thought," Journal of Environmental Economics and Management, Elsevier, vol. 10(3), pages 195-220, September.
- Richard Howarth & Richard Norgaard, 1993. "Intergenerational transfers and the social discount rate," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 3(4), pages 337-358, August.
- Crabbe, Philippe J., 1986. "Gray and Hotelling: A reply," Journal of Environmental Economics and Management, Elsevier, vol. 13(3), pages 295-300, September.
- Dasgupta, Swapan & Mitra, Tapan, 1983. "Intergenerational Equity and Efficient Allocation of Exhaustible Resources," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(1), pages 133-53, February.
- Gerald Alonzo Smith, 1982. "Natural Resource Economic Theory of the First Conservation Movement (1895–1927)," History of Political Economy, Duke University Press, vol. 14(4), pages 483-495, Winter.
- Fisher, Anthony C & Krutilla, John V, 1975. "Resource Conservation, Environmental Preservation, and the Rate of Discount," The Quarterly Journal of Economics, MIT Press, vol. 89(3), pages 358-70, August.
- Devarajan, Shantayanan & Fisher, Anthony C, 1981. "Hotelling's "Economics of Exhaustible Resources": Fifty Years Later," Journal of Economic Literature, American Economic Association, vol. 19(1), pages 65-73, March.
- Lozada, Gabriel A, 1993. "The Conservationist's Dilemma," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 34(3), pages 647-62, August.
- Dasgupta, Partha, 1974. "On some alternative criteria for justice between generations," Journal of Public Economics, Elsevier, vol. 3(4), pages 405-423, November.
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