A key element of analysis by economists is the discount rate--the minimum rate of return required from an investment project to make it desirable to implement. Christian Gollier outlines the basic theory of the discount rate and the various arguments that favor using a smaller discount rate for more distant cash flows.
With principles that can be applied to many policy areas, Pricing the Planet's Future offers an ideal framework for dynamic problems and decision making.
"Reduce, reuse, recycle" urge environmentalists; in other words, do more with less in order to minimize damage. But as this provocative, visionary book argues, this approach perpetuates a one-way, "cradle to grave" manufacturing model that dates to the Industrial Revolution and casts off as much as 90 percent of the materials it uses as waste, much of it toxic. Why not challenge the notion that human industry must inevitably damage the natural world?
In fact, why not take nature itself as our model? A tree produces thousands of blossoms in order to create another tree, yet we do not consider its abundance wasteful but safe, beautiful, and highly effective; hence, "waste equals food" is the first principle the book sets forth. Products might be designed so that, after their useful life, they provide nourishment for something new-either as "biological nutrients" that safely re-enter the environment or as "technical nutrients" that circulate within closed-loop industrial cycles, without being "downcycled" into low-grade uses (as most "recyclables" now are).
Elaborating their principles from experience (re)designing everything from carpeting to corporate campuses, William McDonough and Michael Braungart make an exciting and viable case for change.
In this brilliant, essential book, Pulitzer Prize-winning author Thomas L. Friedman speaks to America's urgent need for national renewal and explains how a green revolution can bring about both a sustainable environment and a sustainable America.
Friedman explains how global warming, rapidly growing populations, and the expansion of the world's middle class through globalization have produced a dangerously unstable planet--one that is "hot, flat, and crowded." In this Release 2.0 edition, he also shows how the very habits that led us to ravage the natural world led to the meltdown of the financial markets and the Great Recession. The challenge of a sustainable way of life presents the United States with an opportunity not only to rebuild its economy, but to lead the world in radically innovating toward cleaner energy. And it could inspire Americans to something we haven't seen in a long time--nation-building in America--by summoning the intelligence, creativity, and concern for the common good that are our greatest national resources.
Hot, Flat, and Crowded is classic Thomas L. Friedman: fearless, incisive, forward-looking, and rich in surprising common sense about the challenge--and the promise--of the future.
No one understands the frackers—their ambitions, personalities, and foibles—better than Wall Street Journal reporter Gregory Zuckerman. His exclusive access drives this dramatic narrative, which stretches from North Dakota to Texas to Wall Street.
The authors start with the fundamentals of risk measurement and risk aversion. They then apply these concepts to insurance decisions and portfolio choice in a one-period model. After examining these decisions in their one-period setting, they devote most of the book to a multiperiod context, which adds the long-term perspective most risk management analyses require. Each chapter concludes with a discussion of the relevant literature and a set of problems.
The book presents a thoroughly accessible introduction to risk, bridging the gap between the traditionally separate economics and finance literatures.