Steady-State Economics: Concepts, Questions, Policies

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Abstract
Why should the focus of investment shift from man-made capital to natural capital? How do we invest in something that by definition we are unable to make? Are man-made and natural capital complements or are they substitutes? This paper consists of three parts: First is a discussion of the pre-analytic vision or paradigm of steady-state economics, along with its basic magnitudes, idea of efficiency, and relations to the traditional concepts of income and capital. Second are some analytical questions that are immediately suggested by the steady-state vision. Third is a discussion of some policy issues of moving toward a steady-state economy.

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