Economic logic requires that we maximize the productivity of the limiting factor in the short run, and invest in increasing its supply in the long run. When the limiting factor changes, then behavior that used to be economic becomes uneconomic. Economic logic remains the same, but the pattern of scarcity in the world changes, with the result that behavior must change if it is to remain economic. Instead of maximizing returns to and investing in man-made capital (as was appropriate in an empty world), we must now maximize returns to and invest in natural capital (as is appropriate in a full world). This is not "new economics,” but new behavior consistent with "old economics” in a world with a new pattern of scarcity.
Herman E. DalyRelated topics
change economics empty factor full increasing investing limiting natural now productivity remain result run short remains returnsRelated quotes
Centuries ago, sailors on long voyages used to leave a pair of pigs on every deserted island. Or they'd leave a pair of goats. Either way, on any future visit, the island would be a source of meat. These islands, they were pristine. These were home to breeds of birds with no natural predators. Breeds of birds that lived nowhere else on earth. The plants there, without enemies they evolved without thorns or poisons. Without predators and enemies, these islands, they were paradise. The sailors, the next time they visited these islands, the only things still there would be herds of goats or pigs. .... Does this remind you of anything Maybe the ol' Adam and Eve story .... You ever wonder when God's coming back with a lot of barbecue sauce.
Chuck Palahniuk
I have presented the periodic table as a kind of travel guide to an imaginary country, of which the elements are the various regions. This kingdom has a geography: the elements lie in particular juxtaposition to one another, and they are used to produce goods, much as a prairie produces wheat and a lake produces fish. It also has a history. Indeed, it has three kinds of history: the elements were discovered much as the lands of the world were discovered; the kingdom was mapped, just as the world was mapped, and the relative positions of the elements came to take on a great significance; and the elements have their own cosmic history, which can be traced back to the stars.
Peter Atkins
You may not be her first, her last, or her only. She loved before she may love again. But if she loves you now, what else matters? She's not perfect-you aren't either, and the two of you may never be perfect together but if she can make you laugh, cause you to think twice, and admit to being human and making mistakes, hold onto her and give her the most you can. She may not be thinking about you every second of the day, but she will give you a part of her that she knows you can break-her heart. So don't hurt her, don't change her, don't analyze and don't expect more than she can give. Smile when she makes you happy, let her know when she makes you mad, and miss her when she's not there.
Bob Marley
Lunacy!
But it had not been lunacy to Emma and Scott. They thought differently. They used x logic. Those notes Emma had made on the page - she'd translated Carroll's words into symbols both she and Scott could understand.
The random factor had made sense to the children. They had fulfilled the conditions of the time-space equation. And the mome raths outgrabe -
Paradine made a rather ghastly little sound, deep in his throat. He looked at the crazy pattern on the carpet. If he could follow it, as the kids had done - but he couldn't. The pattern was senseless. The random factor defeated him. He was conditioned to Euclid.
Even if he went insane, he still couldn't do it. It would be the wrong kind of lunacy.
Lewis Padgett
What is the "cost of capital" to a, firm in a world in which funds are used to acquire assets whose yields are uncertain; and in which capital can be obtained by many different media, ranging from pure debt instruments, representing money-fixed claims, to pure equity issues, giving holders only the right to a pro-rata share in the uncertain venture? This question has vexed at least three classes of economists: (1) the corporation finance specialist concerned with the techniques of financing firms so as to ensure their survival and growth; (2) the managerial economist concerned with capital budgeting; and (3) the economic theorist concerned with explaining investment behavior at both the micro and macro levels.
Merton Miller