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An environmental and natural resource economics blog by Adam Bailey (below). For details and profile see About.
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© Adam Bailey and Economic Droplets, 2012-2026.
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Category Archives: Macroeconomic Theory
Five Concepts of Net National Product
National accounts can be adjusted to reflect depletion of natural capital. There are various ways to do it, none simple. Gross National Product (GNP), as is very well known, has many limitations as an economic measure. One is implicit in … Continue reading
The Maximum Duration of Constant Consumption
At what rate should an essential non-renewable resource be depleted to sustain an economy for as long as possible? Suppose the inputs of a closed economy consist of produced capital, a non-renewable resource and labour . Output is of a … Continue reading
An Inconvenient Truth about the Hartwick Rule
The relevance to the Hartwick Rule of depreciation of produced capital is not widely understood. Suppose the inputs of a closed economy consist of produced capital K, a non-renewable resource R and labour L. It produces a single good which … Continue reading
Improving on GDP
The winning entries for the Indigo Prize highlight both the importance of improving economic statistics and some of the challenges of doing so. The launch of the Indigo Prize by LetterOne is a welcome initiative which recognises both the limitations … Continue reading
