IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-04213171.html
   My bibliography  Save this paper

Decommodifying wealth: Lauderdale and ecological economics beyond the Lauderdale paradox

Author

Listed:
  • Simon Hupfel

    (Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar, BETA - Bureau d'Économie Théorique et Appliquée - AgroParisTech - UNISTRA - Université de Strasbourg - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Antoine Missemer

    (CNRS - Centre National de la Recherche Scientifique, CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique)

Abstract

The term "Lauderdale paradox" has been used by ecological economists since the late 1980s. It refers to the idea, developed by the Earl of Lauderdale in 1804, according to which private riches -- the sum-total of the exchangeable value of goods -- and public wealth -- the sum-total of the use value of goods -- vary in opposite directions. The Lauderdale paradox has been used in ecological economics in relation to the valuation of ecosystem services, and also in connection to some branches of political ecology, especially eco-Marxism. Based on a careful reading of Lauderdale's work, taking into account his political context, this article shows that some of the recent interpretations of the Lauderdale paradox, especially regarding wealth indicators, deserve to be qualified in the light of the original meaning of Lauderdale's words. Other aspects of Lauderdale's reflections that could be sources of inspiration for today's research programs in ecological economics are also emphasized: the extension of environmental accounting to human capital, the study of commodification and decommodification processes in a comprehensive anthropological perspective, and the specification of the characteristics of a steady-state economy.

Suggested Citation

  • Simon Hupfel & Antoine Missemer, 2023. "Decommodifying wealth: Lauderdale and ecological economics beyond the Lauderdale paradox," Post-Print hal-04213171, HAL.
    • Handle: RePEc:hal:journl:hal-04213171
    DOI: 10.1016/j.ecolecon.2023.107780
    Note: View the original document on HAL open archive server: https://enpc.hal.science/hal-04213171
    as

    Download full text from publisher

    File URL: https://enpc.hal.science/hal-04213171/document
    Download Restriction: no
    File URL: https://libkey.io/10.1016/j.ecolecon.2023.107780?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. de Vries, Jan, 1994. "The Industrial Revolution and the Industrious Revolution," The Journal of Economic History, Cambridge University Press, vol. 54(2), pages 249-270, June.
    2. André Vanoli, 1995. "Reflections On Environmental Accounting Issues," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 41(2), pages 113-137, June.
    3. Gómez-Baggethun, Erik & de Groot, Rudolf & Lomas, Pedro L. & Montes, Carlos, 2010. "The history of ecosystem services in economic theory and practice: From early notions to markets and payment schemes," Ecological Economics, Elsevier, vol. 69(6), pages 1209-1218, April.
    4. Veblen, Thorstein, 1921. "The Engineers and the Price System," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1921.
    5. Gallai, Nicola & Salles, Jean-Michel & Settele, Josef & Vaissière, Bernard E., 2009. "Economic valuation of the vulnerability of world agriculture confronted with pollinator decline," Ecological Economics, Elsevier, vol. 68(3), pages 810-821, January.
    6. Comte, Adrien & Sylvie Campagne, C. & Lange, Sabine & Bruzón, Adrián García & Hein, Lars & Santos-Martín, Fernando & Levrel, Harold, 2022. "Ecosystem accounting: Past scientific developments and future challenges," Ecosystem Services, Elsevier, vol. 58(C).
    7. Missemer, Antoine, 2018. "Natural Capital as an Economic Concept, History and Contemporary Issues," Ecological Economics, Elsevier, vol. 143(C), pages 90-96.
    8. Daly, Herman E., 1998. "The return of Lauderdale's paradox," Ecological Economics, Elsevier, vol. 25(1), pages 21-23, April.
    9. Victor, Peter A., 1991. "Indicators of sustainable development: some lessons from capital theory," Ecological Economics, Elsevier, vol. 4(3), pages 191-213, December.
    10. Antoine Missemer, 2021. "Penser les mots de l'économie pour mieux panser les maux de l'environnement," Post-Print hal-03502292, HAL.
    11. Smessaert, Jacob & Missemer, Antoine & Levrel, Harold, 2020. "The commodification of nature, a review in social sciences," Ecological Economics, Elsevier, vol. 172(C).
    12. Bordo, Michael D. & White, Eugene N., 1991. "A Tale of Two Currencies: British and French Finance During the Napoleonic Wars," The Journal of Economic History, Cambridge University Press, vol. 51(2), pages 303-316, June.
    13. Vanoli, Andre, 1995. "Reflections on Environmental Accounting Issues," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 41(2), pages 113-137, June.
    14. Harold Levrel & Antoine Missemer, 2019. "La mise en économie de la nature, contrepoints historiques et contemporains," Revue économique, Presses de Sciences-Po, vol. 70(1), pages 97-122.
    15. Daly, Herman, 2020. "A note in defense of the concept of natural capital," Ecosystem Services, Elsevier, vol. 41(C).
    16. Clive L. Spash, 1999. "The Development of Environmental Thinking in Economics," Environmental Values, , vol. 8(4), pages 413-435, November.
    17. William D. Nordhaus & James Tobin, 1972. "Economic Research: Retrospect and Prospect, Volume 5, Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number nord72-1, July.
    18. Daly, Herman E, 1974. "The Economics of the Steady State," American Economic Review, American Economic Association, vol. 64(2), pages 15-21, May.
    19. Ali Douai, 2009. "Value theory in ecological economics: the contribution of a political economy of wealth," Post-Print hal-00398044, HAL.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hupfel, Simon & Missemer, Antoine, 2023. "Decommodifying wealth: Lauderdale and ecological economics beyond the Lauderdale paradox," Ecological Economics, Elsevier, vol. 207(C).
    2. Smessaert, Jacob & Missemer, Antoine & Levrel, Harold, 2020. "The commodification of nature, a review in social sciences," Ecological Economics, Elsevier, vol. 172(C).
    3. Franco, Marco P.V., 2020. "Conservation, economic planning and natural capital in early Soviet ecology," Ecosystem Services, Elsevier, vol. 41(C).
    4. Carl Obst & Lars Hein & Bram Edens, 2016. "National Accounting and the Valuation of Ecosystem Assets and Their Services," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 64(1), pages 1-23, May.
    5. Comte, Adrien & Sylvie Campagne, C. & Lange, Sabine & Bruzón, Adrián García & Hein, Lars & Santos-Martín, Fernando & Levrel, Harold, 2022. "Ecosystem accounting: Past scientific developments and future challenges," Ecosystem Services, Elsevier, vol. 58(C).
    6. Quentin Couix, 2019. "Natural resources in the theory of production: the Georgescu-Roegen/Daly versus Solow/Stiglitz controversy," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 26(6), pages 1341-1378, November.
    7. Diane Coyle & Leonard Nakamura, 2019. "Towards a Framework for Time Use, Welfare and Household-centric Economic Measurement," Economic Statistics Centre of Excellence (ESCoE) Discussion Papers ESCoE DP-2019-01, Economic Statistics Centre of Excellence (ESCoE).
    8. Bram Edens, 2013. "Depletion: Bridging the Gap Between Theory and Practice," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 54(3), pages 419-441, March.
    9. Bart Los & Marcel P. Timmer, 2020. "Measuring Bilateral Exports of Value Added: A Unified Framework," NBER Chapters, in: Challenges of Globalization in the Measurement of National Accounts, pages 389-421, National Bureau of Economic Research, Inc.
    10. Parks, Sarah & Gowdy, John, 2013. "What have economists learned about valuing nature? A review essay," Ecosystem Services, Elsevier, vol. 3(C), pages 1-10.
    11. Victor, Peter A., 2020. "Cents and nonsense: A critical appraisal of the monetary valuation of nature," Ecosystem Services, Elsevier, vol. 42(C).
    12. Melathopoulos, Andony P. & Cutler, G. Christopher & Tyedmers, Peter, 2015. "Where is the value in valuing pollination ecosystem services to agriculture?," Ecological Economics, Elsevier, vol. 109(C), pages 59-70.
    13. Peter ven de Ven & Anne Harrison & Barbara Fraumeni & Andre Vanoli, 2017. "The Future of the SNA in a Broad Information System Perspective," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 63, pages 238-265, December.
    14. Paul Schreyer, 2021. "Framing Measurement Beyond GDP," CEPA Working Papers Series WP172021, School of Economics, University of Queensland, Australia.
    15. Edens, Bram & Hein, Lars, 2013. "Towards a consistent approach for ecosystem accounting," Ecological Economics, Elsevier, vol. 90(C), pages 41-52.
    16. Pirgmaier, Elke, 2021. "The value of value theory for ecological economics," Ecological Economics, Elsevier, vol. 179(C).
    17. Joe Ament, 2019. "Toward an Ecological Monetary Theory," Sustainability, MDPI, vol. 11(3), pages 1-20, February.
    18. Ackerschott, Adriana & Kohlhase, Esther & Vollmer, Anita & Hörisch, Jacob & von Wehrden, Henrik, 2023. "Steering of land use in the context of sustainable development: A systematic review of economic instruments," Land Use Policy, Elsevier, vol. 129(C).
    19. Kallis, Giorgos & Gómez-Baggethun, Erik & Zografos, Christos, 2013. "To value or not to value? That is not the question," Ecological Economics, Elsevier, vol. 94(C), pages 97-105.
    20. Gómez-Baggethun, Erik & Barton, David N., 2013. "Classifying and valuing ecosystem services for urban planning," Ecological Economics, Elsevier, vol. 86(C), pages 235-245.

    More about this item

    Keywords

    Commodification; Environmental accounting; Steady state; Public good; Commons; Contrived scarcity; History of economic thought;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-04213171. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.