Re:How to Steal a River
by dredmorbius on Sunday March 05, 2017 @09:19AM
(#13796066)
I'm strongly inclined to agree with the accounting-problem element of this, though correcting how economics views costs, value, and price (three distinct elements) would help tremendously as well.
The drawing down of natural capital is simply not accounted for, despite the fact that early models of value (Smith, Boehm-Bawerk, Marshall) were consistent, if not outright encouraging of this.
If oil companies (or the holders of lands from which it was withdrawn) had to account for the 100 million years plus of formation time in their accounting, the economics (or rather, finances) would change markedly.
The drawing down of natural capital is simply not accounted for, despite the fact that early models of value (Smith, Boehm-Bawerk, Marshall) were consistent, if not outright encouraging of this.
If oil companies (or the holders of lands from which it was withdrawn) had to account for the 100 million years plus of formation time in their accounting, the economics (or rather, finances) would change markedly.