Evolution, Time, Production and the Environment

This book is concerned with long run interactions between the economy and the environment. Evolution which involves the emergence of novelty is distinguished from evolution with no novelty. Three types of time irreversibility are developed to show how time has been treated in the natural sciences and in economics. Concepts of evolution, novelty, time structure and ignorance are synthesized to derive general conclusions for environmental policy. Neo-Austrian capital theory is employed to model economy-environmental interactions. The role and the importance of interdisciplinary work is stressed.