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Reconciling Hotelling’s Mind: Resources (1939) & Accounting (1925)
A tenet of green accounting, based on study of Harold Hotelling’s famous resource paper, is that capital gains do not constitute a part of a producer’s income. In canonical, “Hotelling” models of resource economics, however, two principles fundamental to Hotelling’s paper on accounting imply that capital gains are a part of income. A third principle implies that accounting should be at the most micro level possible, both to avoid aggregation bias and to reveal crucial adjustments for assets that do not have market prices.

Jan 24, 2023 10:00 AM in Eastern Time (US and Canada)

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