The Open-System Character of the Economy and its Implications
The mainstream of economic theory did not foresee the global environmental crisis just as it did not, in the course of its history, anticipate other important problems which proved to be of major significance. The long-standing neglect of social costs is not the first, and the current food and energy scarcity will not be the last demonstration of the fact that economic theory and practice tend to take account of important problems only under the pressure of public opinion and the urgent necessity of coming to terms with far-reaching negative effects caused by specific emergencies.
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Notes and References
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