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Income Distribution and Environmental Sustainability : A Sraffian Approach (Hardcover) (Robin Hahnel)
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Any economics that does not deal forthrightly with economic inequality is no longer suitable for the twenty-first century. Similarly, any economics that does not provide a coherent way to integrate environmental sustainability into economic analysis will fail to command allegiance in the century ahead. This book demonstrates how the Sraffian framework provides important advantages in treating both subjects.
Split into three parts Income Distribution and Environmental Sustainability provides a rigorous exposition of Sraffian theory emphasizing what it means for the economy to be productive, adding a normative theory of income distribution to Sraffa’s positive theory. In part one, a rigorous version of the basic Sraffa model is presented which focuses on what it means for the economy to be productive and produce a physical surplus, explains the origin of profits, and shows how to measure changes in overall labor productivity resulting from any technical change. In part two, the basic model is extended to incorporate primary inputs from the natural environment, rigorously measure changes in throughput efficiency, and establish sufficient conditions for environmental sustainability. In part three, an explicit "normative" theory of economic justice is elaborated consistent with the modern egalitarian literature on distributive justice to accompany the Sraffian "positive" theory of income determination.
This book is of interest to academics and students who study political economy, economic theory and philosophy, as well as those interested in the work of Piero Sraffa.