The Concise Encyclopedia of Economics
FEATURED ARTICLE

Environmentalism, A Preface

David R. Henderson

Many environmentalists see preserving the environment as a purely ethical issue that has no connection to economics. In fact, as MIT economist Lester Thurow wrote in The Zero-Sum Society, "Environmentalism is not ethical values pitted against economic values. It is thoroughly economic." What Thurow means is that preserving the environment is what economists call a good, and achieving that good uses up resources that could have produced other goods....

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ALSO OF INTEREST

Global Warming: A Balance Sheet

Thomas Gale Moore

Environmental Quality

Terry L. Anderson

Pollution Controls

Robert W. Crandall

Property Rights

Armen A. Alchian

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FEATURED BIOGRAPHY

Adam Smith

(1723-1790)

With The Wealth of Nations Adam Smith installed himself as the leading expositor of economic thought. Currents of Adam Smith run through the works published by David Ricardo and Karl Marx in the nineteenth century, and by John Maynard Keynes and Milton Friedman n the twentieth.

Adam Smith was born in a small village in Kirkcaldy, Scotland, where his widowed mother raised him. At age fourteen, as was the usual practice, he entered the University of Glasgow on scholarship. He later attended Balliol College at Oxford, graduating with an extensive knowledge of European literature and an enduring contempt for English schools....

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