Economic Analysis Of Social Common Capital

P1: ICD 0521847885agg.xml CB829B/Uzawa 0 521 84788 5 August 27, 1956 Economic Analysis of Social Common Capital Social common capital provides members of society with those services and institutional arrangements that are crucial in maintaining human and cultural life. The term social common capital comprises three categories: natural capital, social infrastructure, and institutional capital. Natural capital consists of all the natural environment and natural resources, including the earth’s atmosphere. Social infrastructure consists of roads, bridges, public transportation systems, electricity, and other public utilities. Institutional capital includes hospitals, educational institutions, judicial and police systems, public administrative services, financial and monetary institutions, and cultural capital. This book attempts to modify and extend the theoretical premises of orthodox economic theory to make them broad enough to analyze the economic implications of social common capital. It further aims to find the institutional arrangements and policy measures that will bring about the optimal state of affairs in which the natural and institutional components are blended together harmoniously to realize the sustainable state suggested by John Stuart Mill. Hirofumi Uzawa is Director of the Research Center of Social Common Capital at Doshisha University and Emeritus Professor of Economics at the University of Tokyo. He is a Fellow and former President of the Econometric Society and a former President of the Japan Association for Economics and Econometrics. He is a Member of the American Academy of Arts and Sciences, a Foreign Associate of the U.S. National Academy of Sciences, a Foreign Honorary Member of the American Economic Association, and a Member of the Japan Academy. Professor Uzawa has also served for more than thirty years as Senior Advisor in the Research Institute of Capital Formation at the Development Bank of Japan. Professor Uzawa has been one of the leading economic theorists for the past four decades. In recent decades, he has become particularly well known for applied research in the areas of the economics of pollution, environmental disruption, and global warming, the economics of education and medical care, and the theory of social common capital. Professor Uzawa is the author of more than twenty books, including Economic Theory and Global Warming (Cambridge University Press, 2003). He is the recipient of the Matsunaga Prize (1969), the Yoshino Prize (1970), and the Mainichi Prize (1974). The government of Japan designated him a Person of Cultural Merit in 1983, and the Emperor of Japan conferred the Order of