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Green CapitalA New Perspective on Growth$
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Christian de Perthuis and Pierre-André Jouvet

Print publication date: 2015

Print ISBN-13: 9780231171403

Published to Columbia Scholarship Online: May 2016

DOI: 10.7312/columbia/9780231171403.001.0001

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Water, the Shepherd, and the Owner

Water, the Shepherd, and the Owner

A Choice of Green Growth Models

(p.89) 9 Water, the Shepherd, and the Owner
Green Capital

Christian de Perthuis

Pierre-André Jouvet

, Michael Westlake
Columbia University Press

By introducing natural capital into the production function, the greening of growth involves a rebalancing of production factors and a redistribution of income. These distributional mechanisms have been relatively little studied by environmental economists, whereas in practice they are one of the main difficulties of the transition to a green economy. The paradox is that pollution is a factor of production that produces its own limitations on the very conditions for the reproduction of production factors. It is this retroactive effect that we need to examine. Simply noting the decline in production is not enough for implementing a policy: we need to determine who will actually suffer the consequences and what should be done to improve the situation.

Keywords:   Green growth, Capitalism, socialism

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