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At the end of the 20th century economists and policymakers face an unprecedented dual challenge: to avert ecological disaster and to end mass unemployment by accelerating and redirecting world economic growth.

This major volume brings together contributions from environmental and technological economists. The first part discusses the ecological challenge to economists and policymakers and shows that both need a radical change in their approach. The second part discusses the institutional and legal changes which are necessary to address this challenge. The final part deals with the technological revolution, focusing on microelectronics and biotechnology, which is now transforming the world economy, and sets it in the context of long term fluctuations in economic growth and the relative stagnation since 1973.

The protection of the environment, and economic growth with full employment are not necessarily opposed. On the contrary, as this volume demonstrates, what is required to return to full employment and more rapid growth is vigorous and concerted government action to give an 'eco-friendly' direction to technological and economic change.

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CHOICE Review

Tylecote and van der Straaten bring together an interesting collection of papers by institutional economists, proposing that environmental protection and full-employment economic growth are not necessarily opposed. Instead, the key to sustainable development and the solution to unemployment is environmentally friendly technological change. Contributors discuss this proposal and the institutional changes required to bring it about. The four papers in part 1 lay out the ecological agenda for sustainable development, discussing the inseparability of value judgments and politics from environmental economic policies and measurement of environmental quality and economic welfare. Part 2 is concerned with the institutional agenda for sustainable development. These three papers set out the need for changes in cost and pricing practices to improve the environmental safety of technological development, proposing changes to this end in the Pigovian tax structure and the legal regime. Four papers in part 3 examine the relationship among ecology, technology, and long-wave fluctuations in economic growth and propose that the current economic crisis stems from a failure to make the necessary institutional changes to adapt to a new information-age technological style. Upper-division undergraduate through professional. M. Morgan-Davie SUNY College at Oneonta

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Edited by Andrew Tylecote, Professor of the Economics and Management of Technological Change, Sheffield University Management School, UK and Jan van der Straaten, Senior Researcher in Environmental and Ecological Economics, European Centre for Nature Conservation, the Netherlands and Retired Senior Lecturer, Department of Leisure Studies, Tilburg University, the Netherlands