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David W. Pearce

David W. Pearce is Professor of Economics at University College London and Director of the Centre for Social and Economic Research on the Global Environment. He is editor of The MIT Dictionary of Modern Economics, coauthor of Blueprint for a Green Economy, and editor of Blueprint 2: Greening the World Economy.

Titles by This Author

In this book, David Pearce addresses one of the single most important issues for economists dealing with environmental problems: how to place economic value on aspects of the natural world.

Pearce provides a clear account of the context of and reasons for economic valuation and surveys the economic approaches to placing monetary values on people's preferences for environmental quality. He shows how the different methods have been applied in practice - with numerous detailed case studies and analyses -and explains how the results provide an economic rationale for conserving the environment, whether it is the world's biological diversity or the global atmosphere.

Titles by This Editor

Edited by David W. Pearce


The MIT Dictionary of Modern Economics is an up-to-date, authoritative reference designed primarily for students of business and other social sciences and ideal for anyone who wants a brief explanation of an economic concept or institution.

In this fourth edition one entry in ten has been revised and one entry in twenty is new. Whereas the third edition increased the coverage of American institutions, this edition breaks new ground by including entries considered important from an Eastern European perspective. It also supplies comparative statistics on major economic variables for selected countries, describes the origins of widely used acronyms, and includes bibliographic references at the end of featured entries.

The dictionary answers in a clear and concise way the enduring questions, which economists have considered for two centuries or more, as well as the issues of the moment, such as economic change in Europe, the problems of pollution, or the prospects for greater freedom of trade. With close to 2,800 entries it is comprehensive in its coverage of theory, national and international institutions, schools of thought, and important economists, including recent Nobel Prize winners.

The dictionary was compiled initially by an experienced team of economists at Aberdeen University in the United Kingdom, and new authors have been recruited to provide international expertise, reflecting changes in the structure of the international economy. David W. Pearce, general editor, is Professor of Political Economy at University College, London.

This fourth edition was prepared by John Cairns, Robert Elliott, Ian McAvinchey, and Robert Shaw, all of the Economics Department, University of Aberdeen.