Why Does Market Capitalism Fail to Deliver a Sustainable Environment and Greater Equality of Incomes?
I argue that free-market capitalist economies are biased against inventing/using green technology and against supplying the basic needs of the poor. With no mechanism for setting globally optimal prices for non-renewables, entrepreneurs choose labour-saving resource-intensive production methods. Further pressure on labour costs comes from finite individual lifetimes combined with rising access to goods. R&D; creates technologies/products geared to saving worker and consumer time, instead ...Expand abstract
- Cambridge Journal of Economics
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