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Economists usually regard environmental issues as drivers of allocative distortions within markets. Hence, they claim that corrections of such distortions, for example, by recourse to the internalization of externalities, are firmly rooted within the market framework. Therefore, the traditional view is that environmental issues fall fairly and squarely within the domain of microeconomics. This paper argues that such a view is flawed. The primary reason is that externalities are never fully internalized. Within any market, there always exist residual externalities, which do accumulate over time. Therefore, the same way as the aggregate of market transactions lead to the definition of national product in macroeconomics, the aggregate of residual externalities lend credence to the recognition of nature as capital that depreciates. In accordance with this recognition, this paper illustrates the reformulation of long run stabilization frameworks in macroeconomics. The analysis of these reformulated frameworks illustrates different configurations for policy variables as illustrated with reference to South Korea.
Dodo J. Thampapillai; Yvonne Chen. ENVIRONMENTAL MACROECONOMICS: A NEGLECTED THEME IN ENVIRONMENTAL ECONOMICS — LEAVE ALONE ECONOMICS. The Singapore Economic Review 2018, 1 .
AMA StyleDodo J. Thampapillai, Yvonne Chen. ENVIRONMENTAL MACROECONOMICS: A NEGLECTED THEME IN ENVIRONMENTAL ECONOMICS — LEAVE ALONE ECONOMICS. The Singapore Economic Review. 2018; ():1.
Chicago/Turabian StyleDodo J. Thampapillai; Yvonne Chen. 2018. "ENVIRONMENTAL MACROECONOMICS: A NEGLECTED THEME IN ENVIRONMENTAL ECONOMICS — LEAVE ALONE ECONOMICS." The Singapore Economic Review , no. : 1.
In this paper, we posit that sustainability warrants explicit recognition in the teaching of basic principles of economics. The conventional exposition of conceptual and analytic frameworks in basic principles in almost all standard economics textbooks overlooks at least two basic flaws. The first of these concerns the collection of residual externalities that exist without being internalized in market transactions and hence fall outside the calculus of national income accounting. For example, not all energy resource prices capture the entirety of the damages inflicted on natural ecosystems. The cumulus of residual externalities threatens the feasibility of sustainability. The second flaw is the absence of sustainability as a necessary condition in the fundamental benchmark of perfect competition (PC). Sustainability, when explicitly introduced in the PC benchmark, results in significant changes to conceptual premises in economics. The most significant of such changes concerns the axiomatic differentiation between “goods” and “bads”.
Namrata Chindarkar; Dodo J. Thampapillai. Rethinking Teaching of Basic Principles of Economics from a Sustainability Perspective. Sustainability 2018, 10, 1486 .
AMA StyleNamrata Chindarkar, Dodo J. Thampapillai. Rethinking Teaching of Basic Principles of Economics from a Sustainability Perspective. Sustainability. 2018; 10 (5):1486.
Chicago/Turabian StyleNamrata Chindarkar; Dodo J. Thampapillai. 2018. "Rethinking Teaching of Basic Principles of Economics from a Sustainability Perspective." Sustainability 10, no. 5: 1486.
This paper presents a simple method for estimating the size of environmental capital (KN) assets that are otherwise mistaken as infinite. An illustration is provided for Australia’s air shed. The method draws on the perpetual inventory method (PIM) used in macroeconomics for measuring the size of manufactured capital (KM) stock. While the application of the PIM for measuring KM is based on net accumulation over time, with KN it involves net depreciation over time. The depreciation, however, can be negated by the resilience capabilities of KN assets based on their biophysical characteristics. Owing to sparse data, two proxy methods for estimating the resilience coefficient are developed. These proxies rely on emission targets and standards that have been discussed in Australia’s policy context.
Dodo J. Thampapillai. THE SIZE OF AN AIR SHED: A MACROECONOMIC STOCK ESTIMATE. The Singapore Economic Review 2018, 1 .
AMA StyleDodo J. Thampapillai. THE SIZE OF AN AIR SHED: A MACROECONOMIC STOCK ESTIMATE. The Singapore Economic Review. 2018; ():1.
Chicago/Turabian StyleDodo J. Thampapillai. 2018. "THE SIZE OF AN AIR SHED: A MACROECONOMIC STOCK ESTIMATE." The Singapore Economic Review , no. : 1.
Ezra Mishan’s (1967) famous articulation of the costs of economic growth included amongst others the rearrangement and loss of nature. This paper builds on this theme by recourse to two important concepts in science, namely the assimilative capacity of nature and the entropy of law of thermodynamics. These concepts enable the formulation of an alternative conceptual framework for the explanation of national income (Y) in terms of factor-utilization. In this framework, environmental capital (KN) is an explicit factor besides manufactured capital (KM) and labor (L). A simple methodology that permits the estimation of the volume of KN utilized is used towards demonstrating that economic growth is an entropic process. Empirical illustration of KN utilization as point-estimates is made for Australia and South Korea.
Dodo J. Thampapillai. EZRA MISHAN’S COST OF ECONOMIC GROWTH: EVIDENCE FROM THE ENTROPY OF ENVIRONMENTAL CAPITAL. The Singapore Economic Review 2016, 61, 1640018 .
AMA StyleDodo J. Thampapillai. EZRA MISHAN’S COST OF ECONOMIC GROWTH: EVIDENCE FROM THE ENTROPY OF ENVIRONMENTAL CAPITAL. The Singapore Economic Review. 2016; 61 (3):1640018.
Chicago/Turabian StyleDodo J. Thampapillai. 2016. "EZRA MISHAN’S COST OF ECONOMIC GROWTH: EVIDENCE FROM THE ENTROPY OF ENVIRONMENTAL CAPITAL." The Singapore Economic Review 61, no. 3: 1640018.
The paper provides a concise review of the treatment of external debt in macroeconomic analyses. In this regard, the paper considers: the development of indicators to quantify external debt alongside theoretical and empirical developments in which the indicators are utilised. Following the inherent limitations, the theoretical and empirical studies tend to employ more than one indicator. Both theoretical and empirical frameworks are distinguished in terms of whether they are static or dynamic in nature. The theoretical studies were also distinguished in terms of the utilisation of discrete and continuous frameworks. The empirical models were distinguished with reference to linearity and nonlinearity of the underlying premises. The review enables the reader to appreciate the relative advantages and disadvantages of the various frameworks and their contextual relevance. A key theme that runs through the studies reviewed is the impact of external debt on economic performance. The results, which are context specific, are mixed.
Kelvin Lee; Jesuthason Thampapillai. External debt in macroeconomics: a review. International Journal of Economics and Business Research 2016, 12, 103 .
AMA StyleKelvin Lee, Jesuthason Thampapillai. External debt in macroeconomics: a review. International Journal of Economics and Business Research. 2016; 12 (2):103.
Chicago/Turabian StyleKelvin Lee; Jesuthason Thampapillai. 2016. "External debt in macroeconomics: a review." International Journal of Economics and Business Research 12, no. 2: 103.
Seck L. Tan; Dodo J. Thampapillai. Environmental taxation for a sustainable future: perspectives from environmental macroeconomics. Environmental Taxation and Green Fiscal Reform 2014, 24 -38.
AMA StyleSeck L. Tan, Dodo J. Thampapillai. Environmental taxation for a sustainable future: perspectives from environmental macroeconomics. Environmental Taxation and Green Fiscal Reform. 2014; ():24-38.
Chicago/Turabian StyleSeck L. Tan; Dodo J. Thampapillai. 2014. "Environmental taxation for a sustainable future: perspectives from environmental macroeconomics." Environmental Taxation and Green Fiscal Reform , no. : 24-38.
Dodo J. Thampapillai; Jan Hansen; Aigerim Bolat. Resource rent taxes and sustainable development: A Mongolian case study. Energy Policy 2014, 71, 169 -179.
AMA StyleDodo J. Thampapillai, Jan Hansen, Aigerim Bolat. Resource rent taxes and sustainable development: A Mongolian case study. Energy Policy. 2014; 71 ():169-179.
Chicago/Turabian StyleDodo J. Thampapillai; Jan Hansen; Aigerim Bolat. 2014. "Resource rent taxes and sustainable development: A Mongolian case study." Energy Policy 71, no. : 169-179.
Seck L. Tan; Dodo J. Thampapillai; Larry Kreiser; Julsuchada Sirisom; Hope Ashiabor; Janet Milne. Assessment of Fiscal Intervention Measures in China: Perspectives from Environmental Macroeconomics. Environmental Taxation in China and Asia-Pacific 2013, 1 .
AMA StyleSeck L. Tan, Dodo J. Thampapillai, Larry Kreiser, Julsuchada Sirisom, Hope Ashiabor, Janet Milne. Assessment of Fiscal Intervention Measures in China: Perspectives from Environmental Macroeconomics. Environmental Taxation in China and Asia-Pacific. 2013; ():1.
Chicago/Turabian StyleSeck L. Tan; Dodo J. Thampapillai; Larry Kreiser; Julsuchada Sirisom; Hope Ashiabor; Janet Milne. 2013. "Assessment of Fiscal Intervention Measures in China: Perspectives from Environmental Macroeconomics." Environmental Taxation in China and Asia-Pacific , no. : 1.
When environmental macroeconomic frameworks replace standard macroeconomic frameworks differences in policy outcomes ensue. The non‐recognition of real environmental capacity constraints could explain the inability of standard frameworks to deliver on certain macroeconomic goals. Herein, environmental capital depreciation is internalised into analytic frameworks of factor utilisation, aggregate demand and aggregate supply. The analyses reveal that restricted income and wage domains alongside limited environmental capacity constrain economic performance. Hence, environmental capacity expansion and initiatives towards sustainability warrant specific attention. Illustrations are made with reference to the Australian economy and her response to the 2008–2010 global financial crisis.
Dodo J. Thampapillai. Macroeconomics versus environmental-macroeconomics*. Australian Journal of Agricultural and Resource Economics 2012, 56, 332 -346.
AMA StyleDodo J. Thampapillai. Macroeconomics versus environmental-macroeconomics*. Australian Journal of Agricultural and Resource Economics. 2012; 56 (3):332-346.
Chicago/Turabian StyleDodo J. Thampapillai. 2012. "Macroeconomics versus environmental-macroeconomics*." Australian Journal of Agricultural and Resource Economics 56, no. 3: 332-346.
The extraction of energy resources and the preservation of sensitive in-situ environmental assets are invariably mutually exclusive alternatives. The opportunity cost value of preserving the environmental assets can be assessed by recourse to resource rent taxes, and threshold values. The case study analysis carried out in this paper suggests that the preservation of these assets could be justifiable on the grounds of “acceptable sacrifice”.
Dodo J. Thampapillai. Value of sensitive in-situ environmental assets in energy resource extraction. Energy Policy 2011, 39, 7695 -7701.
AMA StyleDodo J. Thampapillai. Value of sensitive in-situ environmental assets in energy resource extraction. Energy Policy. 2011; 39 (12):7695-7701.
Chicago/Turabian StyleDodo J. Thampapillai. 2011. "Value of sensitive in-situ environmental assets in energy resource extraction." Energy Policy 39, no. 12: 7695-7701.
This study critically examines the theory underlying the environmental Kuznets curve (EKC) with reference to Thailand. It investigates the EKC using cross-regional panel data on emissions of four major air pollutants (PM10, NO2, SO2, and CO) and data on deforestation. There are two different relationships in the EKC of Thailand: an inverted U-shaped relationship for PM10 and CO, and a monotonically increasing relationship for SO2 and NO2. The relationship between per capita income-PM10 and per capita income-CO appear to support the EKC thesis; but these results could be biased due to the effect of the 1997 financial crisis, which substantially reduced these pollutions. However, environmental measures, both command-and-control (e.g. improvement of fuel quality, and improvement of emission standards) and economic instruments (introducing a price differentiation between leaded and unleaded gasoline, and demand-side management in the power sector), have played a major role to improve air quality in recent times. Unlike PM10 and CO, NO2 and SO2 violate the EKC theory by showing a rising relationship with per capita income. A plausible explanation for the monotonically increasing relationship for NO2, SO2 is the usage of energy resources in Thailand that are high sulfur and nitrogen content energy resources. Coal, which emits acidic gas in the form of SOx and NOx followed by SPM (suspended particulate matter) into air after burning, is a major fuel in electricity generation and other industries in Thailand. The increased coal consumption could explain why the relationship between income-SO2 and income-NO2 are a monotonically increasing relationship, even though environmental policies have been adopted to improve air quality. Furthermore, this study finds no evidence of an inverted-U shaped EKC for deforestation in Thailand. Population density is a factor that has an effect on deforestation and this study illustrates that the 1989 logging ban in Thailand had little effect on forest conservation. On the basis of this study, it is reasonable to conclude that a monotonically rising relationship between income and environmental degradation is more valid in the context of Thailand, implying that Thailand is on a rising path of EKC so far.
Rawadee Jarungrattanapong; Jesuthason Thampapillai; Lin-Heng Lye; George Ofori; Lai Choo Malone-Lee; Victor R Savage; Yen-Peng Ting. RELATIONSHIP BETWEEN INCOME AND ENVIRONMENTAL DEGRADATION A CASE STUDY OF THAILAND. Sustainability Matters 2010, 359 -384.
AMA StyleRawadee Jarungrattanapong, Jesuthason Thampapillai, Lin-Heng Lye, George Ofori, Lai Choo Malone-Lee, Victor R Savage, Yen-Peng Ting. RELATIONSHIP BETWEEN INCOME AND ENVIRONMENTAL DEGRADATION A CASE STUDY OF THAILAND. Sustainability Matters. 2010; ():359-384.
Chicago/Turabian StyleRawadee Jarungrattanapong; Jesuthason Thampapillai; Lin-Heng Lye; George Ofori; Lai Choo Malone-Lee; Victor R Savage; Yen-Peng Ting. 2010. "RELATIONSHIP BETWEEN INCOME AND ENVIRONMENTAL DEGRADATION A CASE STUDY OF THAILAND." Sustainability Matters , no. : 359-384.
Perfect competition and sustainability: a brief note
Dodo J. Thampapillai. Perfect competition and sustainability: a brief note. International Journal of Social Economics 2010, 37, 384 -390.
AMA StyleDodo J. Thampapillai. Perfect competition and sustainability: a brief note. International Journal of Social Economics. 2010; 37 (5):384-390.
Chicago/Turabian StyleDodo J. Thampapillai. 2010. "Perfect competition and sustainability: a brief note." International Journal of Social Economics 37, no. 5: 384-390.
In this paper we develop a simple framework in macroeconomics for evaluating environmental investments that bear national significance. The framework rests on the concept of fiscal balance and the premise that environmental taxes must be returned towards restoring and/or enhancing environmental capital investments. We further illustrate that traditional frameworks in macroeconomics are not capable of evaluating the social desirability of environmental investments owing to the absence of environmental variables in these frameworks. The framework developed here shows that the recognition of environmental capital depreciation in macroeconomics permits the differentiation between various environmental investments in terms of their environmental impacts. These impacts are measured in terms of the costs of abating pollutants associated with climate change. The framework and its application are illustrated with reference to environmental investments in Vietnam.
Dodo J. Thampapillai; Wu Xun; Seck L. Tan. Fiscal Balance: Environmental Taxes and Investments. Journal of Natural Resources Policy Research 2010, 2, 137 -147.
AMA StyleDodo J. Thampapillai, Wu Xun, Seck L. Tan. Fiscal Balance: Environmental Taxes and Investments. Journal of Natural Resources Policy Research. 2010; 2 (2):137-147.
Chicago/Turabian StyleDodo J. Thampapillai; Wu Xun; Seck L. Tan. 2010. "Fiscal Balance: Environmental Taxes and Investments." Journal of Natural Resources Policy Research 2, no. 2: 137-147.
This paper deals with the conceptualisation of environmental capital (KN) as an explicit argument in frameworks that exposit economic growth and performance. The omission of KN represents a major flaw in macroeconomic policy analysis because the recognition of KN affects the determination of productive capacity. Empirical illustrations are offered with reference to Australia, Korea and the USA. In the case of the Australian economy, policy decisions are possibly being evaluated on income domains that exceed the productive capacity dictated by KN.
Jesuthason Thampapillai. Environmental capacity constraints in macroeconomic policy analysis. International Journal of Environment, Workplace and Employment 2008, 4, 1 .
AMA StyleJesuthason Thampapillai. Environmental capacity constraints in macroeconomic policy analysis. International Journal of Environment, Workplace and Employment. 2008; 4 (1):1.
Chicago/Turabian StyleJesuthason Thampapillai. 2008. "Environmental capacity constraints in macroeconomic policy analysis." International Journal of Environment, Workplace and Employment 4, no. 1: 1.
The paper employs a methodology that enables the elicitation of the price and quantity of environmental capital (KN) at an aggregate macroeconomic level. The stock of KN considered here is confined to the air-shed of an economy that gets utilized in the process of economic growth. A time series study of the prices and quantities of KN enables an appreciation of the changing value of nature in economic growth. Despite improvements in the rate of utilization of KN, there is insufficient evidence of decreasing scarcity of KN in the case of both Australia and the United States.
Dodo J. Thampapillai. THE SCARCITY OF ENVIRONMENTAL CAPITAL AND ECONOMIC GROWTH: A COMPARATIVE STUDY OF AUSTRALIA AND THE UNITED STATES. The Singapore Economic Review 2007, 52, 251 -263.
AMA StyleDodo J. Thampapillai. THE SCARCITY OF ENVIRONMENTAL CAPITAL AND ECONOMIC GROWTH: A COMPARATIVE STUDY OF AUSTRALIA AND THE UNITED STATES. The Singapore Economic Review. 2007; 52 (2):251-263.
Chicago/Turabian StyleDodo J. Thampapillai. 2007. "THE SCARCITY OF ENVIRONMENTAL CAPITAL AND ECONOMIC GROWTH: A COMPARATIVE STUDY OF AUSTRALIA AND THE UNITED STATES." The Singapore Economic Review 52, no. 2: 251-263.
Kwabena A Anaman; Dodo J Thampapillai; A Henderson-Sellers; Peter F Noar; Patrick J Sullivan. Methods for assessing the benefits of meteorological services in Australia. Meteorological Applications 2007, 2, 17 -29.
AMA StyleKwabena A Anaman, Dodo J Thampapillai, A Henderson-Sellers, Peter F Noar, Patrick J Sullivan. Methods for assessing the benefits of meteorological services in Australia. Meteorological Applications. 2007; 2 (1):17-29.
Chicago/Turabian StyleKwabena A Anaman; Dodo J Thampapillai; A Henderson-Sellers; Peter F Noar; Patrick J Sullivan. 2007. "Methods for assessing the benefits of meteorological services in Australia." Meteorological Applications 2, no. 1: 17-29.
China has been heralded as the fastest growing economy in the world. However, this growth has been achieved significantly at the expense of its environment. Conventional measures of economic performance such as Gross Domestic Product (GDP) do not take into account environmental damages, and thus may be biased towards an unsustainable development path. In this paper, we compare China's economic performance as measured by GDP against a measure of sustainable GDP, estimated by adjusting GDP for the depreciation of air, soil and water resources. Our results indicate that China's performance may not be as remarkable as commonly perceived, and that its quest for sustainable development may be challenged by political and social considerations. The challenge includes the resolution of conflicts between the goals of employment and sustainability.13 page(s
Dodo J. Thampapillai; Xun Wu; Lawrence R. Sunderaj. Economic growth, the environment and employment: challenges for sustainable development in China. International Journal of Environment, Workplace and Employment 2007, 3, 1 .
AMA StyleDodo J. Thampapillai, Xun Wu, Lawrence R. Sunderaj. Economic growth, the environment and employment: challenges for sustainable development in China. International Journal of Environment, Workplace and Employment. 2007; 3 (1):1.
Chicago/Turabian StyleDodo J. Thampapillai; Xun Wu; Lawrence R. Sunderaj. 2007. "Economic growth, the environment and employment: challenges for sustainable development in China." International Journal of Environment, Workplace and Employment 3, no. 1: 1.
This paper adopts a simple method for the elicitation of the price and quantity of environmental capital (KN), as point estimates, from the Income Approach to National Accounts. The stock of KN considered here is confined to the air-shed of an economy and gets utilised in the formation of aggregate output (Y). The price and quantity estimates of KN are defined on the same scale as those of manufactured capital (KM), that is, price as a composite measure of an interest rate and a depreciation rate, and quantity as an aggregate measure at constant prices. The trends of the estimates reveal that, despite improvements in the rate of utilisation of KN, there is evidence of increasing scarcity of KN.
Jesuthason Thampapillai; Shandre M. Thangavelu; Euston Quah. The value of nature in Thailand: a macroeconomic perspective and implications for social policy. International Journal of Environment, Workplace and Employment 2006, 2, 359 .
AMA StyleJesuthason Thampapillai, Shandre M. Thangavelu, Euston Quah. The value of nature in Thailand: a macroeconomic perspective and implications for social policy. International Journal of Environment, Workplace and Employment. 2006; 2 (4):359.
Chicago/Turabian StyleJesuthason Thampapillai; Shandre M. Thangavelu; Euston Quah. 2006. "The value of nature in Thailand: a macroeconomic perspective and implications for social policy." International Journal of Environment, Workplace and Employment 2, no. 4: 359.
Towards a conceptual framework in unitary economics: An extension of a proposition after John O'Brien
Dodo J. Thampapillai; Bo Öhlmer; Boon Tiong Lim. Towards a conceptual framework in unitary economics. International Journal of Social Economics 2005, 32, 868 -876.
AMA StyleDodo J. Thampapillai, Bo Öhlmer, Boon Tiong Lim. Towards a conceptual framework in unitary economics. International Journal of Social Economics. 2005; 32 (10):868-876.
Chicago/Turabian StyleDodo J. Thampapillai; Bo Öhlmer; Boon Tiong Lim. 2005. "Towards a conceptual framework in unitary economics." International Journal of Social Economics 32, no. 10: 868-876.
The following sections are included:
Dodo J Thampapillai; Euston Quah; Shandre M Thangavelu; Ding Lu; William A W Neilson. An Introductory Environmental Macroeconomic Framework for China: Implications for West China Development. China's West Region Development 2004, 175 -190.
AMA StyleDodo J Thampapillai, Euston Quah, Shandre M Thangavelu, Ding Lu, William A W Neilson. An Introductory Environmental Macroeconomic Framework for China: Implications for West China Development. China's West Region Development. 2004; ():175-190.
Chicago/Turabian StyleDodo J Thampapillai; Euston Quah; Shandre M Thangavelu; Ding Lu; William A W Neilson. 2004. "An Introductory Environmental Macroeconomic Framework for China: Implications for West China Development." China's West Region Development , no. : 175-190.