ECONOMICS, STEWARDSHIP, AND THE TRANSPORTATION SECTOR

In this paper the author argues for a fundamental reframing in how we think about the role of economic analysis in transportation planning. He argues for a reconceptualization of both micro- and macroeconomics within a framework which he calls "stewardship economics." Stewardship economics builds on and extends the insight of John Maynard Keynes from the inter-war period that a major goal of economics should be the prevention of war. Stewardship economics, as set out here starts from two different places: 1) its foundational premise is the finitude of the earth's life support systems; and 2) that there is no defensible grounds for limiting the moral realm to persons alone. The author calls these respectively the scale premise and the moral premise of stewardship economics. The author shows how key terms in current mainstream economics--efficiency, internalization, substitution, marginality, and cost--would be redefined within an economics of stewardship. He begins by looking at current economics and definitions of its key terms. He then sets out five elements of stewardship economics, along with contrasts to the current regime. In conclusion objections to stewardship economics are considered, and an example of its implications for the transportation sector set forth.

• Record URL:
  http://onlinepubs.trb.org/onlinepubs/conf/asilomar.pdf
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• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/isbn/0309085713
• Supplemental Notes:
  • Distribution, posting, or copying of this PDF is strictly prohibited without written permission of the Transportation Research Board of the National Academy of Sciences. Unless otherwise indicated, all materials in this PDF are copyrighted by the National Academy of Sciences. Copyright © National Academy of Sciences. All rights reserved
• Corporate Authors:

  Transportation Research Board

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• Authors:
  • Brown, P G
• Conference:
  • Transportation, Energy, and Environmental Policy: Managing Transitions
  • Location: Monterey, California
  • Date: 2001-9-11 to 2001-9-12
• Publication Date: 2003

Language

• English

Media Info

• Pagination: p. 16-41

Subject/Index Terms

• TRT Terms: Economic analysis; Transportation planning
• Uncontrolled Terms: Stewardship economics
• Subject Areas: Economics; Highways; Planning and Forecasting; Public Transportation; I72: Traffic and Transport Planning;

Filing Info

• Accession Number: 00962785
• Record Type: Publication
• ISBN: 0309085713
• Files: TRIS, TRB
• Created Date: Sep 4 2003 12:00AM