Capitalism is under attack. Defenders say that capitalism has raised billions of people from poverty. But a central activity of capitalism today, Wall Street style, is speculation (gambling), using other people's money, and privatizing the profits while socializing the debts. Skeptics argue that capitalism has redistributed the wealth of the planet in favor of a very few, meanwhile leaving the planet in bad shape and leaving billions of people out in the cold. Wealth is now extremely mal-distributed, opportunity is far from equal, and upward social mobility has declined significantly in recent decades. This book reviews the evidence and arguments pro and con in considerable detail. The evidence is mixed. The main virtue of capitalism is its emphasis on competition as a driver of innovation and, thus, of economic growth. It is true that economic growth has accelerated in recent centuries, and it is true that billions of people have been lifted from poverty. But it is not necessarily true that intense "winner take all" competition in the marketplace is the explanation for growth. Neoclassical economic theory posits that self-interest is the primary motive for all economic decisions, leaving little room for cooperation and even less for altruism. The theory applies to an unrealistic "model" of human behavior, known as Homo economicus or "economic man", whose characteristic activity is buying or selling. The reason for using the adjective word "social" - as in socialism" or "social service" or "social democracy" -- is, essentially, to deny those postulates of standard economic theory. Real humans are not rational utility maximizers (whatever that is) and very often do things that are not in their own personal best interests. This can happen because other interests, such as family loyalty, professional, religious, or patriotic duty, may take precedence. Real people rarely behave like Homo economicus, who has rivals but no friends. He (or she) does not trust anyone, hence cannot cooperate with others, and can never create, or live in, a viable social system (or marriage). Yet social systems, ranging from families and tribes to firms, cities, and nations do (and must) exist or civilization cannot exist. A viable social system must not allow "winner takes all". It must reallocate some of the societal wealth being created by competitive activities to support the young, the old and the weak, because all of those people have equal rights, if not the same luck or the same skills. Both competition and cooperation have important roles to play. A hybrid capitalism involving both is the only viable solution. The book ends with a specific suggestion, namely Universal Basic Income, or UBI.

Eminent physicist and economist, Robert Ayres, examines the history of technology as a change agent in society, focusing on societal roots rather than technology as an autonomous, self-perpetuating phenomenon. With rare exceptions, technology is developed in response to societal needs that have evolutionary roots and causes. In our genus Homo, language evolved in response to a need for our ancestors to communicate, both in the moment, and to posterity. A band of hunters had no chance in competition with predators that were larger and faster without this type of organization, which eventually gave birth to writing and music. The steam engine did not leap fully formed from the brain of James Watt. It evolved from a need to pump water out of coal mines, driven by a need to burn coal instead of firewood, in turn due to deforestation. Later, the steam engine made machines and mechanization possible. Even quite simple machines increased human productivity by a factor of hundreds, if not thousands. That was the Industrial Revolution. If we count electricity and the automobile as a second industrial revolution, and the digital computer as the beginning of a third, the world is now on the cusp of a fourth revolution led by microbiology. These industrial revolutions have benefited many in the short term, but devastated the Earth's ecosystems. Can technology save the human race from the catastrophic consequences of its past success? That is the question this book will try to answer.

Copper is one of the three most important metals in the world economy, and the only one of the three that is comparatively scarce in the earth's crust. Known reserves will only last a few decades at projected rates of consumption. While some substitution possibilities exist for some of its applications, copper is uniquely valuable as a conductor of electricity in a world that is rapidly electrifying. This fact makes the copper life cycle an appropriate subject for holistic analysis. This book, which includes a quantitative demand forecasting model, is based on a study commissioned by the International Institute for Environment and Development (IIED) for the World Business Council for Sustainable Development (WBCSD) fills that need for the first time.

Among the conclusions of the study are the following. The medium-term prospects for copper producers and copper consuming industries include (1) more intensive exploration into more remote regions, (2) utilization of lower grade ores resulting in more mine wastes and associated waste disposal problems, (3) more intensive mining efficient ore reduction processes, (4) dramatic price increases when the current glut works itself out, (5) significant changes in the patterns of consumption (increasingly electrical applications), (6) sharp increases in the need for recovering and recycling old scrap copper in the future, (7) a significant buildup of copper and by-products (especially arsenic) either in use or in the human environment. Similar implications can be drawn for two other scarce and toxic metals - lead and zinc - often found in geological association with copper.

Market: Those in economics, especially thermodynamics, statistical mechanics, cybernetics, information theory, resource use, and evolutionary economic behavior. This book presents an innovative and challenging look at evolution on several scales, from the earth and its geology and chemistry to living organisms to social and economic systems. Applying the principles of thermodynamics and the concepts of information gathering and self- organization, the author characterizes the direction of evolution in each case as an accumulation of "distinguishability" information--a type of universal knowledge.

This two volume collection of pioneering material includes landmarks and significant contributions to the subjects of global environmental issues. The editors have prepared a new introduction for this authoritative collection.This collection enables the reader, whether an economist or environmentalist, to have access to material published in a wide range of journals, many of which are relatively unavailable. It will be of considerable value to researchers and teachers in all of the disciplines, including: theoretical ecology; resource and environmental economics; industrial ecology and environmental science.

This monograph length report, first published in 1970, originated from a program of research at Resources for the Future that dealt with the management of residuals and of environmental quality. It presents some of the broad concepts that the program was based on and represents the effort to break out of the traditional approach in pollution and policy research, which had treated air, water, and solid waste problems as separate categories. This book will be of interest to students of economics and environmental studies.

This monograph length report, first published in 1970, originated from a program of research at Resources for the Future that dealt with the management of residuals and of environmental quality. It presents some of the broad concepts that the program was based on and represents the effort to break out of the traditional approach in pollution and policy research, which had treated air, water, and solid waste problems as separate categories. This book will be of interest to students of economics and environmental studies.

Industrial Ecology is perhaps the first serious attempt to go beyond general statements regarding the desirability of 'clean technology' and to assess realistically and quantitatively the range of practicable possibilities for reducing materials extraction, consumption and waste.This major new book examines strategic options for reducing wastes and pollution and increasing the productivity of materials. Using an industrial ecology perspective, the authors analyse thirteen generic cases of material, beginning with four families of metals (aluminium, chromium, copper and zinc), several families of chemicals (phosphates and fluorine; suphur-based, nitrogen-based and chlorine-based), silicon and several different types of waste. Opportunities for creating 'industrial ecosystems' by deliberate design are discussed as well as the use of low-value by-products as feed stocks for useful products. In addition to surveying the technological possibilities, the authors also consider the public interest, institutional barriers and the range of possible alternatives that might be applicable. Environmental scientists, economists, practitioners and policy makers will welcome Industrial Ecology's integrated approach and the emphasis which it places on resource productivity, materials cycle optimization and waste minimization.

This innovative book presents new research on the increasingly important need to account for the use of resources, and the dispersion of waste materials. It considers resource accounting both at the process level and at the materials level, and in addition offers policy suggestions for waste and resource accounting. The book opens with an introduction to industrial metabolism and its various implications. It then goes on to examine resource accounting at the national and sectoral level, through the systematic application of the mass-balance principle to estimate materials losses at different stages of the production process. It then examines one cluster of industries (related to chlorine) in greater detail. At the process level the use of chemical process simulation software in the estimation of waste emissions is examined, specifically focusing on cases where emissions data is unavailable or unreliable. Finally it introduces, for the first time, a common single measure for evaluating and comparing process or sectoral resource and waste flows between time periods, between sectors and between regions and nations. This measure is known as exergy, and although not new in itself, it has never before been used systematically for these purposes. In conclusion the author summarizes the main problems of resource and waste accounting and offers some policy recommendations for the implementation of accounting for resources. Accounting for Resources ,1 will be welcomed by environmental managers and scientists, economists, practitioners and government policymakers.

Metals have been essential to human civilisation for many thousands of years. With a broad range of applications they have found their way into virtually every aspect of our daily lives. Their durable and recyclable properties should make them ideal materials for a sustainable economy. But can metals live up to this promise? What are the economic, ecological, and social implications of their increasing use? How can we secure the supply of high-quality metals in the future? Do we need substitutes for scarce or especially toxic metals? We will face many such questions on the path towards sustainable production, trade and use of metals. This book brings together experts from many fields, with sometimes controversial opinions, to discuss the conditions and limits of a sustainable metals management. The ideas and goals of sustainability are not only explained theoretically, but also applied to various stages of the metal making and trading process.

This companion to Accounting for Resources, 1 tracks the life cycle of specific elements, such as chlorine and heavy metals, in order to estimate the generation and dissipative losses of material wastes. The book begins with a succinct review of the life-cycle analysis methodology and evaluates some of its weaknesses in estimating the generation of waste. The authors propose a new quantitative measure of the potential for environmental harm of waste materials. They include case studies to add weight to their proposal. Four horizontal life-cycle case studies are included; one for chlorine and chlorine chemicals; one for mercury; one for arsenic and cadmium; and the other for copper, lead and zinc. The book also includes a longitudinal study of heavy metals use and dissipation, during the period 1880-1980 with reference to the Hudson-Raritan basin. The book concludes with an overview, including some recommendations for future research and for policy changes with respect to governmental statistical data collection and organization.

Motivation of the Study CIM is an abbreviation for Computer Integrated Manufacturing (see Sec tion 1. 4, Chapter 1). It is an acronym that has become fairly weIl known in recent years in manufacturing and related engineering circles, although most laymen have never heard the term. The question naturaIly arises: why should a multinational, multidisciplinary organization like IIASA under take a major study of such a seemingly arcane topic at this time of glasnost, perestroika, nuclear disarmament, and concern with global climate change, among other issues of global significance competing for our attention? The short answer to this rhetorical question is that we think a new industrial revolution is under way. If the first industrial revolution was the substitution of steam power for human and animal muscles, the present revolution is the substitution of electronic sensors for human eyes and ears, and computers for human brains, at least in a certain category of routine 'on-line' manufacturing operations. Its consequences may be as far reaching (and as unexpected) as the consequences of the 'first' industrial revolution, which was just beginning about two centuries ago. The industrial importance of steam power was, of course, obvious to the farsighted entrepreneurs who actively developed and invested in it, from Roebuck, Boulton, and the Wilkinsons to the Stephensons. But the larger and longer-run implications of its use - from 'satanic mills', child labour, and Marxism to acid rain and climate change - were not foreseen at aIl."

Metals have been vital to human civilization for many thousands of years. Their durability and recyclability should make them ideal materials for a sustainable economy. This book assembles experts from many fields to discuss the conditions and limits of sustainable metals management. The contributors examine the theoretical ideas and goals of sustainability, and apply them across the metal making and trading process.

The conventional utility-based approach to microeconomics is now nearly a century old and although frequently criticised, it has yet to be replaced. On the Reappraisal of Microeconomics offers an alternative approach that overcomes most of the objections to orthodox theory, whilst offering some unique additional advantages. The authors present a new approach to non-equilibrium microeconomics that applies equally to production, trade and consumption, and that is also consistent with the laws of thermodynamics. This new theory is not limited to equilibrium or near-equilibrium conditions. The core of the theory is proof that, for each agent (firm or individual), there exists an unique function of goods and money (denoted Z) that can be interpreted as subjective wealth for an individual or the owners of a firm. Exchanges may occur only when both parties enjoy an increase in subjective wealth as a consequence. On average, this Z-function will increase over time if, and only if, the agent obeys a simple decision rule in all economic transactions: namely to 'avoid avoidable losses', or AAL, it being understood that some losses are unavoidable. Dynamic equations describing growth (or decline) can be derived simply by calculating time derivatives of a wealth function, without the need for constrained maximization of an integral of utility (or some surrogate) BM_1_over time. The Z-function also has a number of other interesting properties that can be used for multi-agent and multi-sectoral simulation models to explore a variety of economic situations that cannot be addressed so easily using conventional methods. This is a stimulating, provocative and highly original book that will appeal to informed academics, researchers and other professionals with an interest in the fundamentals of neoclassical economics and its applications to business, finance, growth and the environment.

Eminent physicist and economist, Robert Ayres, examines the history of technology as a change agent in society, focusing on societal roots rather than technology as an autonomous, self-perpetuating phenomenon. With rare exceptions, technology is developed in response to societal needs that have evolutionary roots and causes. In our genus Homo, language evolved in response to a need for our ancestors to communicate, both in the moment, and to posterity. A band of hunters had no chance in competition with predators that were larger and faster without this type of organization, which eventually gave birth to writing and music. The steam engine did not leap fully formed from the brain of James Watt. It evolved from a need to pump water out of coal mines, driven by a need to burn coal instead of firewood, in turn due to deforestation. Later, the steam engine made machines and mechanization possible. Even quite simple machines increased human productivity by a factor of hundreds, if not thousands. That was the Industrial Revolution. If we count electricity and the automobile as a second industrial revolution, and the digital computer as the beginning of a third, the world is now on the cusp of a fourth revolution led by microbiology. These industrial revolutions have benefited many in the short term, but devastated the Earth's ecosystems. Can technology save the human race from the catastrophic consequences of its past success? That is the question this book will try to answer.

Capitalism is under attack. Defenders say that capitalism has raised billions of people from poverty. But a central activity of capitalism today, Wall Street style, is speculation (gambling), using other people's money, and privatizing the profits while socializing the debts. Skeptics argue that capitalism has redistributed the wealth of the planet in favor of a very few, meanwhile leaving the planet in bad shape and leaving billions of people out in the cold. Wealth is now extremely mal-distributed, opportunity is far from equal, and upward social mobility has declined significantly in recent decades. This book reviews the evidence and arguments pro and con in considerable detail. The evidence is mixed. The main virtue of capitalism is its emphasis on competition as a driver of innovation and, thus, of economic growth. It is true that economic growth has accelerated in recent centuries, and it is true that billions of people have been lifted from poverty. But it is not necessarily true that intense "winner take all" competition in the marketplace is the explanation for growth. Neoclassical economic theory posits that self-interest is the primary motive for all economic decisions, leaving little room for cooperation and even less for altruism. The theory applies to an unrealistic "model" of human behavior, known as Homo economicus or "economic man", whose characteristic activity is buying or selling. The reason for using the adjective word "social" - as in socialism" or "social service" or "social democracy" -- is, essentially, to deny those postulates of standard economic theory. Real humans are not rational utility maximizers (whatever that is) and very often do things that are not in their own personal best interests. This can happen because other interests, such as family loyalty, professional, religious, or patriotic duty, may take precedence. Real people rarely behave like Homo economicus, who has rivals but no friends. He (or she) does not trust anyone, hence cannot cooperate with others, and can never create, or live in, a viable social system (or marriage). Yet social systems, ranging from families and tribes to firms, cities, and nations do (and must) exist or civilization cannot exist. A viable social system must not allow "winner takes all". It must reallocate some of the societal wealth being created by competitive activities to support the young, the old and the weak, because all of those people have equal rights, if not the same luck or the same skills. Both competition and cooperation have important roles to play. A hybrid capitalism involving both is the only viable solution. The book ends with a specific suggestion, namely Universal Basic Income, or UBI.