Green Accounting Bibliography Entry
Hicks, John R. Value and capital, 2nd edition. Oxford: Oxford University Press, 1946 (first published in 1939).
Includes a passage often cited as a justification for comprehensive national income calculations that go beyond what we currently define as "capital" and include human as well as environmental capital: The purpose of income calculation in practical affairs is to give people an indication of the amount which they can consume without impoverishing themselves. Following out this idea, it would seem that we ought to define a man's income as the maximum value which he can consume during a week, and still expect to be as well off at the end of the week as he was at the beginning. (p. 172, 2nd edition)
Posted by Gernot Wagner on 1/01/1990. 