Volume 3, No. 3 (Fall 2000)
Factoring into our national accounting scheme the true value of nonrenewable resources and the imputed value of natural-resource degradation is seen as an essential corrective for the myopia that would otherwise distort the market process. The key to resolving the problem is “new institutions and conventions.” Elaboration of this solution involves references to licenses and the like and thereby confirms what the reader suspects from the beginning: Far sighted governmental interventions are needed to override the short-sighted market process. This conclusion of neo-Austrian modeling, of course, could never had been reached by Austrian subjectivists working in the tradition of Menger, Böhm-Bawerk, Mises, and Hayek.
