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Until recently, general economic theory has hardly paid any attention to the production factor “nature”. Human economy has been characterised as a closed system, in which all kinds of products are produced through the input of the production factors “labour” and “capital” and then consumed. This appears to be no longer valid. Human economy interferes with the environment and is therefore an open system. Nowadays the consequences of this are thoroughly investigated in environmental economics, a borderland between economics on the one hand and ecology on the other. The purpose of this article is to contribute to this line of thought. The production factor “nature” can be seen as a stock of capital, one part of which consists of non‐renewable resources and the other of renewable resources. This latter has a limited renewal capacity. Both kinds of resources are exhaustible. Human production reduces total stock, so that the change in it is the result of depletion of nature by production and of natural renewal. If natural renewal equals human expenditure of nature, one can speak of a steady state. In the next section, a brief discussion of an efficiency rule for the use of exhaustible resources is followed by an examination of renewable resources. As opposed to non‐renewable resources, ecological aspects play a major part in the optimum management of this kind of resource. The concept of the “optimum steady state” is developed to show the ecological constraints of human production insofar as it is based on the stock of renewable resources. Finally, there is a discussion on two types of nature‐conserving technological change, which could widen the ecological borders.

The purpose of this paper is to analyse the cross-fertilization between environmental concerns and trade law, through an analysis of their primary texts and case law, and seek to what extent the concept of sustainable development is, or can be, embodied in such field of law. The question posed is whether the international trade law paradigm is well suited to implement the goals embodied in the concept of sustainable development.

In giving a tentative answer to the said question, also through the analysis of some trade law reform proposals, the author advocates that international trade law and sustainable development not only can have compatible goals but that they are (if not, they shall be) inseparably related to one another, from both an economic policy perspective and a legal standpoint.

The author concludes that the paradigms can be complementary to the extent that international trade law, while preserving a formal legal identity deriving from the current shape of its body of rules, has seen its application supporting and, eventually, giving sustainable development a normative force that it could not have achieved otherwise – and this, on a global and uniform scale. Although it may be contended that, after a preliminary survey of relevant international trade case law, this interaction is still a seed in its infancy and some changes must necessarily occur to make the trade paradigm keener and more effective in supporting environmental protection goals, the author argues that, given the difficulties in obtaining such changes, the existing trade paradigm structure has served (and will serve) sustainable development better than other paradigms, as a vehicle through which such concept can drive nations’ economic development more forcefully.

The paper contains a reasoned survey of the most important case law, outlining the main legal hurdles that the implementation of sustainable development encounters in the World Trade Organization (WTO) dispute settlement mechanism.

The value of this paper stands in the reasoned approach to the legal issues underlying the matters involved, specifically with respect to the analysis of Article XX GATT. Moreover, it remarks the effects that a developed system like the WTO can have in promoting sustainable development, addressing some of the most recent reform proposals.

Misbegotten, misnamed, antisocial homo oeconomicus is now contrasted with the more human personae of homo oeconomicus honorabilis, the “open”/ “Semi‐economic Man” of Pantaleoni and Marshall, the still arcane homo oeconomicus humanus of Nitsch and Malina, and (most recently) the positivistic (neo‐) homo socio‐economicus of Etzioni et al., which ‐‐in turn – harks back to Smith′s Theory of 1759‐90. Showing the essential identity of modern economics and Aristotle′s oikonomikē, and recognising the ozone layer as pre‐eminent among once‐free but now very scarce resources (chrēmata ) that have to be utilised efficiently and administered prudently, the author joins forces with Herman Daly et al. in proposing an Aristotelian/Biblical homo oeconomus as a “Good Steward” in the spirit of Frigerio′s L′Economo Prudente (1629) and qualitative improvement over the being who has masqueraded as homo oeconomicus. Uniting this prudent conservator and caretaker of our natural endowment with “Homo Faber, the Subject‐creator of Social Economy” of an earlier work yields the antithesis of the veritable homo oeconomicus impudens of Classical‐Neoclassical infamy.

The processes of production and consumption as developed by man affect the availability of natural resources for the subsequent processes of production and consumption. The effect takes the form of pollution of air, water and soil, the presence of noise, monocultures, erosion and “asphalted zones”, as well as the exhaustion of supplies of fossil fuels and minerals in the earth's crust. However, for production and consumption, man needs natural resources of reasonably good quality. Reasonably fresh air, reasonably clean water, well‐functioning soil, a certain degree of quietness, a variety of landscapes and the availability of a certain number of fossil fuels and minerals are all indispensable for human life, now and in the future.

The purpose of this paper, which is the first of a two-part series, is to build upon the established research on environmental economics and sustainability theory developed by Ramsey (1928), Weitzman (2007) and Gollier (2010). The Ramsey-Weitzman-Gollier model, with the contribution of Howarth (2009) and Nordhaus (2007a, b), focuses on discount rate development for environmental and long-term assets, linking discounted utility analysis embedded in the CCAPM model of Lucas (1978) to the policy concerns associated with the valuation of public and sustainable resources. This paper further investigates these issues to the rates structure appropriate for exhaustible resources with a particular emphasis on urban land, based upon the differentiation of strong and weak form sustainability concepts constrained by the objectives of the sustainable criterion of Daly and Cobb (1994).

The paper integrates the concepts of discount rate development for environmental and long-term assets and discounted utility analysis to the policy concerns associated with the valuation of public and sustainable resources. It develops new theoretical insight in order to allow the theoretical formulation of discount and capitalization rates that can be empirically applied and tested.

The paper provides theoretical support for a new approach concerned with the development of capitalization and discount rates in the valuation of non-renewable resources. A key concern of valuing non-renewable or limited resource endowments (in space or time) is the problem of irreversible investment or irrevocable decision implementation as suggested by Arrow-Fisher (1974), Krautkraemer (1985) and Daly and Cobb (1994). It investigates the challenge with developing capitalization rates and valuation of depleting resources temporally, within the constraints of sustainability. To achieve this, an optimal control discounting procedure subject to a sustainable objective statement is employed – in this context it suggests that sustainability should be treated as an alternative to traditional growth and the maximization of near-term returns.

This paper extends the construct of developing rates structures appropriate for the valuation of exhaustible resources. It places a conceptual emphasis on urban land development. The measures developed and the insights gained may serve as a basis for future research on the optimal levels of sustainable development appropriate for different nations.

–This paper is the second of a two part series which offers new theoretical and empirical insights investigating the rates structures appropriate for exhaustible resources with a particular emphasis on urban land, based upon the differentiation of strong- and weak-form sustainability concepts constrained by the objectives of the sustainable criterion of Daly and Cobb (1994). The integration of the concepts and objectives allow the theoretical formulation of discount and capitalization rates that can be empirically tested. This empirical application employs data from 12 diverse national economies. The paper aims to discuss these issues.

The paper integrates the concepts of discount rate development for environmental and long-term assets and discounted utility analysis to the policy concerns associated with the valuation of public and sustainable resources. The new approach empirically shows the diverse issues of competing sustainable objectives across nations.

The potential and degree of strong-form or weak-form sustainability application in each nation enabled the identification as to whether alternative capital as defined by the modified Ramsey model used per nation, or the marginal rate of resource return as defined by strong form objective of a constant natural resource endowment, can identify which form of capital becomes the major constraint on the resource valuation and allocation decision appropriate within each nation. The findings showed constraints on nation resource endowments relative to population needs and the culture preferences endemic across nations.

The findings serve as a basis for future research on the optimal levels of sustainable development appropriate for different nations, the impactions of the timing and level of capital re-switching associated with the application of strong- or weak-form sustainability and the develop of rate and risk measures that can assist in the consideration of sustainable resource as a distinct asset class.

IPv6 is the replacement for the internet's incumbent protocol, IPv4. IPv6 adoption is required to allow the internet to continue to grow; however, there has been almost no uptake since its standardization in the late 1990s. This paper seeks to explain how this non‐adoption may be a consequence of current policies paradoxically intended to promote IPv6.

Economic theories of exhaustible resources and permit markets are used to provide an explanation for the lack of adoption of IPv6.

The current policy approach will not yield a significant adoption of IPv6 until after the IPv4 address space is exhausted and may also constrain internet growth after IPv4 exhaustion occurs.

Current policies intended to promote IPv6 diffusion through the internet must be reconsidered. The economics of permit markets in particular can inform discussions about IPv4 address transfer markets.

Economic analyses of IPv6 adoption are almost non‐existent and very few prior studies are known. This paper helps to rectify this important gap in the literature.

Raises the question, how can sustainable development be achieved and what are the limiting constraints in achieving it? Focuses on key conceptual issues of “sustainable development” with important operational implications for its attainment but is not designed to generate a general theory of sustainability. Uses the definition put forward by Peace and Warford, which defines sustainable development as “development that secures increases in the welfare of the current generation provided that welfare in the future does not decrease”. Using this definition, considers four important sub‐objectives of sustainable development, namely: equity and social justice issues, ecological issues, economic issues (maximizing service to a given stock of resources) and environmental issues (minimizing throughput to maintain a given level of stock). Using this framework, considers the conditions necessary for sustainable development, namely: maintaining a minimum population, reducing poverty, optimal depletion of non‐renewable resources, optimal depletion of renewable but exhaustible resources, preventing environmental degradation and improving energy efficiency. Also emphasizes the need to change the current measurement of growth which fails to account for sustainability principles.

Erich W. Zimmermann′s functional interpretation of resources is expanded and elaborated into an instrumental theory of resources, resistances, and economic growth. Both resources, which are useful to man, and resistances, which interfere with the satisfaction of his wants, are defined by technology and redefined by every technological innovation. Therefore, technological innovation can create new resources and can transform resistances into resources by teaching man how to use environmental features which were previously useless. Technological progress becomes the basis of unlimited economic growth. This instrumental theory is used to suggest solutions to problems associated with resource depletion, environmental pollution, and economic growth.

Purpose − The principal aim of this chapter is to present a comprehensive and critical review of Murray Kemp's contributions to the discipline of international trade and welfare economics.

Methodology/Approach − This chapter employs the critical literature review approach, including archival analysis and face-to-face interviews.

Findings − It is shown that Kemp has been a key player in the modernization of trade theory. In particular, he has extended the theorems of gains from trade in many different directions and under the most general conditions.

Practical implications − In surveying Kemp's research contributions this chapter provides a useful overview of the development of the normative theory of trade. It also examines a number of methodological issues that may prove to be useful to economic theorists.