The current account, fiscal policy, and medium-run income determination

This article presents a new framework for analyzing the simultaneous determination of current account imbalances and the path of national income. Using standard macroeconomic behavioral relationships, it first examines how and why current account deficits matter by investigating links between domestic consumption, government spending, output, saving, investment, interest rates, and capital flows. Central to the model is the distinction between aggregate output and expenditure that enables dissection of the effects of discretionary fiscal change on the current account and national income. The framework yields results relevant to the twin deficits hypothesis that are contrary to those of standard models.

Health investment, saving, and public policy

This paper develops an overlapping-generations model in which agents invest in health to prolong life in both working and retirement periods. It explores how unfunded social security with or without health subsidies affects life expectancy, economic growth, and welfare. In particular, by extending life at a possible cost of capital accumulation, health subsidies and a pay-as-you-go pension can improve welfare, especially in the short run.

The Politics of Permaculture: Towards an Ecologically Situated Approach to Resource Policy and Governance

The contributions to environmental politics of Torgerson, Oelschlager, Dryzek, Harrè and others, converge in their respective acknowledgements that the shift towards an ‘ecologically situated’ approach to environmental policy, including resource governance, will require the emergence and consolidation of a new lingua franca of environmental discourse. In this paper, I suggest that an extrapolation of permaculture ethics may provide a gambit through which such a discourse may be assembled and organised. I examine six key signifying elements derived from Orr and Capra’s approach to ecological literacy – network, nested system, flow, cycle, development and dynamic balance – and explore the implications that these might have for resource governance and policy, including the (re)framing of assessment indicators, energy auditing, resource management and integrated planning and development.