Environmental Economics

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By Costanza, Robert

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1958). Capital accumulation and economic growth. In The Essential Kaldor. New York: Holmes and Meier, 229–281. Kaldor, N. (1967). Strategic Factors in Economic Development. Ithaca, NY: Cornell University. Kuznets, S. (1955). Economic growth and income inequality. American Economic Review 45(1): 1–28. , K. Rogoff, et al. (2003). Effects of Financial Globalization on Developing Countries: Some Empirical Evidence. Washington, DC: International Monetary Fund. Skott, P. and P. Auerbach. (1995). Cumulative causation and the ‘new’ theories of economic growth.

Earnings inequality has accelerated most notably in the United States, the United Kingdom, Canada, Australia, and New Zealand (Aghion et al. 1999; Wade 2004a). The bulk of more recent empirical work investigating Solow’s idea of growth convergence has generally shown that (1) cross-country convergence has been nonexistent to minimal; (2) poor countries have not seen higher investment rates due to greater marginal return; and (3) inequality can hinder or promote economic growth in the near term but seems to come down on the side of hindering in the longer term.

2004; Orr et al. 2005; Guinotte and Fabry 2008; Doney et al. 2009). Such an increase in acidity is affecting marine organisms sensitive to changes in the ocean’s chemistry. For example, one of the first species that will be affected is coral. Reefs would undergo a shift in dynamics and species composition. Such changes are already occurring and are expected to reach quite critical levels by 2050 (Kleypas et al.  2003; Langdon and Atkinson 2005; Hoegh-Guldberg et al. 2007). Marine plankton are also very vulnerable, affecting the food chain all the way up.

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