public prioritisation of energy affordability in the uk much research has focused on the so called energy trilemma i e three leading energy policy issues energy security affordability and climate change mitigation whilst substantial understanding exists of why people support climate friendly energy policies little is known about why they think affordability is important particularly what leads members of the public to identify this policy goal as more important than other objectives here we examine this question via a nationally representative survey of 2441 uk residents and demonstrate that concerns about personal costs explain a small amount of variation in the prioritisation of affordability as an energy policy goal a range of other factors also significantly contribute one such factor is beliefs about who is responsible for energy transitions these findings suggest policy actions to address affordability concerns should go beyond energy prices and include additional considerations such as distributive justice and equality

examining the global environmental impact of regional consumption activities part 2 review of input output models for the assessment of environmental impacts embodied in trade this paper offers a detailed review of recently described single and multi region input output models used to assess environmental impacts of internationally traded goods and services it is the second part of a two part contribution in part 1 turner k lenzen m wiedmann t and barrett j in press examining the global environmental impact of regional consumption activities part 1 a technical note on combining input output and ecological footprint analysis ecological economics we describe how to enumerate the resource and pollution content of inter regional and inter national trade flows with the aim to illustrate an ideal accounting and modelling framework for the estimation of ecological footprints a large number of such environment economic models have been described but only in the last few years models have emerged that use a more sophisticated multi region multi sector input output framework this has been made possible through improvements in data availability and quality as well as computability we identify six major models that employ multi sector multi region input output analysis in order to calculate environmental impacts embodied in international trade results from the reviewed studies demonstrate that it is important to explicitly consider the production recipe land and energy use as well as emissions in a multi region multi sector and multi directional trade model with global coverage and detailed sector disaggregation only then reliable figures for indicators of impacts embodied in trade such as the ecological footprint can be derived

time deposits dimensions and fraud we stipulate arguendo that fractional reserve demand deposit banking is per se fraudulent we ask whether or not time deposit banking can also be illicit and answer in the positive if there is a mismatch between the time dimensions of deposits and loans to wit if an intermediary borrows short and lends long

ideas interests and oil prices the political economy of trade reform during soeharto s indonesia indonesia since the late 1960s constitutes an excellent case study in the political economy of trade protection there have been major changes in the overall policy regime from liberalism to significant intervention and back towards liberalism there have been large though declining inter industry variations in effective protection there has been a lively domestic debate much of it dominated by non economists many actors at home and abroad have a stake in that debate and since the 1980s at least trade policy interventions have been reasonably well documented and quantified in this paper we show how quantitative analysis may be employed to shed light on changes in the trade policy regime over time we also examine the principal actors with an interest in and influence over trade policy delineating where possible how their influence translated into the policy arena finally we speculate on whether the framework developed in this paper is applicable to the very different circumstances prevailing in the post soeharto era

the increase in brazilian household income and its impact on co2 emissions evidence for 2003 and 2009 from input output tables abstract in recent years brazil has experienced economic growth and a recovery of income that has had a positive impact on the consumption of goods in this paper we evaluate the impact of brazilian household consumption on the co2 emissions for 2003 and 2009 using input output tables from the world input output database we used a semi closed model with eight household groups in order to apply the hypothetical extraction method in the consumption structure of each group further we use the result from the hypothetical extraction to evaluate the impacts of the structure consumption of each household group in terms of co2 emissions we find that there is a trade off between the households greater satisfaction from consumption and the increasing setback in emissions from the restructuring and modification of the consumption basket thus this study contributes to the research on emissions by mapping the recent behavior of the brazilian economy in terms of increased income changes in the consumption structure and their impacts on emissions the paper s aggregated results by income and consumption structure based on the intensity of the emissions and their systemic effects add to the discussions on less polluting production processes more conscious consumption of goods and more rational uses of energy and transportation

in which context is the option clause desirable the option clause is a contractual device from free banking experiences meant to prevent banknote redemption duels it has been used within the diamond and dybvig j pol econ 91 401 419 1983 framework to suggest that very simple contractual solutions can act as an alternative to deposit insurance this literature has however been ambiguous on whether the option clause can replace deposit insurance outside of those two contexts it will be argued that the theoretical clause does not generally affect the likelihood that a solvent bank goes bankrupt because of a bank run as empirical evidence suggests it is already near null and that the exercise of the clause will have the effect of diminishing the size of creditor claims on bank assets because it exacerbates the agency problem of bank debt it will therefore be argued that the clause is only desirable in a free banking systems that are historically devoid of bank runs in the first place and have other means of managing debt related agency problems and b under the unrealistic assumption that bank runs are self fulfilling prophecies it will be argued that the agency problem of bank debt makes the option clause undesirable outside of free banking systems

fractional reserve banking client collaboration and fraud this paper traces the recent debate over the legitimacy of maturity mismatching and fractional reserve banking it shows that there is common ground between bagus and howden journal of business ethics 90 3 399 406 2009 106 295 300 2012 on the one hand and evans journal of business ethics 2013 on the other regarding contractual arrangements that lead to fractional reserve banking while both agree that fractional reserve banking that arises out of a bailment or storage contract constitutes fraud block and barnett journal of business ethics 88 4 711 716 2009 100 229 238 2011 stress the illegitimacy of fractional reserve banking for creating more money substitutes than there is actual money while it is true that fractional reserve banks are capable of creating money this activity still cannot be regarded as fraudulent using a common law definition of fraud for it can only take place with requisite client collaboration that makes it impossible to identify a victim

shared producer and consumer responsibility theory and practice abstract over the past decade an increasing number of authors have been examining the nexus of producer versus consumer responsibility often dealing with the question of how to assign responsibility for internationally traded greenhouse gas emissions recently a similar problem has appeared in drafting the standards for the ecological footprint while the method traditionally assumes a full life cycle perspective with full consumer responsibility a large number of producers businesses and industry sectors have started to calculate their own footprints see www isa org usyd edu au adding any producer s footprint to other producers footprints or to population footprints which all already cover the full upstream supply chain of their operating inputs leads to double counting the sum of footprints of producers and consumers is larger than the total national footprint the committee in charge of the footprint standardisation process was hence faced with the decades old non additivity problem posing the following dilemma for the accounting of footprints or any other production factor if one disallows double counting but wishes to be able to account for producers and consumers then one cannot impose the requirement of full life cycle coverage the supply chains of actors have to be curtailed somehow in order to avoid double counting this work demonstrates and discusses a non arbitrary method of consistently delineating these supply chains into mutually exclusive and collectively exhaustive portions of responsibility to be shared by all actors in an economy

from production based to consumption based national emission inventories abstract under the united national framework convention of climate change unfccc countries are required to submit national emission inventories nei to benchmark reductions in greenhouse gas ghg emissions depending on the definition and system boundary of the nei the mitigation options and priorities may vary the territorial system boundary used by the unfccc has been critiqued for not including international transportation and potentially causing carbon leakage to address these issues past literature has argued in favour of using consumption based nei in climate policy this article discusses several issues in moving from the standard production based nei to consumption based nei first two distinct accounting approaches for constructing consumption based nei are presented the approaches differ in the allocation of intermediate consumption of imported products second a consistent method of weighting production based and consumption based nei is discussed this is an extension of the previous literature on shared responsibility to nei third due to increased uncertainty and a wide system boundary it may be difficult to implement consumption based nei directly into climate policy several alternative options for incorporating consumption based inventories into climate policy are discussed

environmental kuznets curves real progress or passing the buck abstract recent research has examined the hypothesis of an environmental kuznets curve ekc the notion that environmental impact increases in the early stages of development followed by declines in the later stages these studies have focused on the relationship between per capita income and a variety of environmental indicators results imply that ekcs may exist for a number of cases however the measures of environmental impact used generally focus on production processes and reflect environmental impacts that are local in nature and for which abatement is relatively inexpensive in terms of monetary costs and or lifestyle changes significantly more consumption based measures such co2 emissions and municipal waste for which impacts are relatively easy to externalize or costly to control show no tendency to decline with increasing per capita income by considering consumption and trade patterns the author re examines the concept of the ekc and proposes the use of alternative consumption based measures of environmental impact the author speculates that what appear to be improvements in environmental quality may in reality be indicators of increased ability of consumers in wealthy nations to distance themselves from the environmental degradation associated with their consumption

linking namea and input output for consumption vs production perspective analyses evidence on emission efficiency and aggregation biases using the italian and spanish environmental accounts we integrate input output and namea tables for spain and italy in 1995 2000 and 2005 in order to address the hot policy issue of sustainable consumption and production a comparison of production and consumption perspectives may have relevant policy implications we deal with the domestic technology assumption and primarily the aggregation bias that may result when calculating indirect emission using different sector aggregations in the analyses e g 16 30 50 extended input output analysis provides analyses of the emissions embodied in domestic consumption and domestic production by considering the structure of intermediate inputs and environmental efficiency in each production sector our empirical findings show that different sectoral aggregation significantly biases the amount of emissions for the consumption perspective though differently in the two countries italy surprisingly show consumption production ratios around or lower than one but in line with some major work at eu level our results thus suggest that special attention must be paid when interpreting the ee ioa of country estimated amounts of embodied emissions both in domestic final demand and those directly associated with the production sectors when the sectoral aggregation level has a low definition as considered in some recent similar studies

examining the efforts of a small open economy to reduce carbon emissions the case of denmark abstract it is generally understood that greenhouse gasses produced by human activities are having a warming effect on the climate discussions concerning efforts to curb carbon dioxide emissions often focus on large countries however considerable resources have been spent to reduce carbon dioxide emissions by relatively small open economies although these economies are small players in international markets international trade has an important influence on their economies investigating the outcome of efforts to curb emissions by these small open economies provides insights into the situation faced by a large set of the world s economies this paper has three objectives 1 investigate the outcome of denmark s efforts to reduce its carbon emissions by characterizing the relationship between denmark s macroeconomic activity and carbon emissions 2 determine the carbon content of danish trade and document the important effects that growing trade with china has had on danish consumption emissions and 3 investigate the robustness of measures of consumption emissions under varying information requirements our analysis of the outcomes of danish efforts to reduce carbon emissions suggest two related lessons first small open economies should track both production and consumption emissions when evaluating their progress towards reducing carbon emissions second international trade should be considered in the design of environmental policy the danish experience indicates that increasing trade with a much larger and more emission intensive country can have substantial influence on consumption emissions

border adjustments supplementing nationally determined carbon pricing as agreed on in the paris agreement each country determines its own contribution to combat climate change on a voluntary basis there is no mechanism to force a country to comply with its own nationally determined contributions this bottom up approach builds on unilateral actions and yields a kind of carbon pricing which is not necessarily identical across countries as a consequence these nationally determined climate policies have drawbacks in terms of carbon leakage and loss of competitiveness for firms producing in high carbon price countries to reduce these negative effects border adjustments bas may be appropriate subsequent to more stringent environmental regulation we model a three stage game involving carbon price competition in the first stage the introduction of bas in the second stage and oligopolistic competition between firms in the third stage strategic trade theory suggests that the qualitative results about the optimal ba policy may vary with the underlying type of competition namely bertrand and cournot competition however our results are similar for both types of competition we conclude that bas are suitable for supporting a more stringent environmental policy moreover we find that anticipation of the implementation of bas in the second stage yields higher average carbon prices in the first stage since high carbon price countries increase their carbon prices whereas the other countries partially offset

energy justice and the contested petroleum politics of stranded assets policy insights from the yasuni itt initiative in ecuador abstract ecuador s progressive yasuni itt initiative operational 2007 to 2013 would have left almost one billion barrels of crude oil locked in perpetuity beneath one of the most intact and diverse nature reserves on the planet the project attempted to strand these oil assets in order to protect biodiversity respect the territory of indigenous peoples combat climate change and encourage more sustainable economic development the yasuni itt proposal would have had the international community pay ecuador 3 6 billion roughly half the value of the oil found there in exchange for not developing the ishpingo tambococha tiputini itt oilfields funds would have been placed into social and environmental development programs and the promotion of domestic renewable energy instead the project collected only 13 million and succumbed to a series of challenges including limited financing intense political pressure a national commitment to oil and carbon leakage this article summarizes the history benefits and insurmountable obstacles facing the yasuni itt initiative and presents six broader lessons and implications for climate and energy analysts practitioners and policymakers it questions the political viability of and serves as a stark warning against those promoting and advocating policies centered on carbon budgets stranded assets negative emissions and carbon revenue streams

new frontiers and conceptual frameworks for energy justice this article explores how concepts from justice and ethics can inform energy decision making and highlight the moral and equity dimensions of energy production and use it defines energy justice as a global energy system that fairly distributes both the benefits and burdens of energy services and one that contributes to more representative and inclusive energy decision making the primary contribution of the article is its focus on six new frontiers of future energy justice research first is making the case for the involvement of non western justice theorists second is expanding beyond humans to look at the rights of nature or non anthropocentric notions of justice third is focusing on cross scalar issues of justice such as embodied emissions fourth is identifying business models and the co benefits of justice fifth is better understanding the tradeoffs within energy justice principles sixth is exposing unjust discourses in doing so the article presents an agenda constituted by 30 research questions as well as an amended conceptual framework consisting of ten principles the article argues in favor of justice aware energy planning and policymaking and it hopes that its reconsidered energy justice conceptual framework offers a critical tool to inform decision making

steady state of energy feedbacks and leverages for promoting or preventing sustainable energy system development abstract while energy demand has been growing over the last few decades and is projected to keep expanding the current energy system is pushing biophysical source and sink limits at the same time growing demand for energy globally is associated with an expansion of welfare to avoid undesired environmental and social implications of energy developments in the long run a systemic understanding of the dynamics promoting or preventing sustainable energy development is needed departing from daly s steady state economics theory this study conceptualizes a sustainable energy system using a systems thinking approach efficiency increase the central element of daly s theory defined as the service throughput ratio is put in the center of a conceptual analysis of a sustainable energy system and is carefully scrutinized meadows leverage points concept is used to facilitate an analysis of different policies that aim at promoting sustainable energy system development this study concludes that energy policies always need to be explored as part of the broader causality structure into which they are embedded otherwise their impacts on other variables in the system may be overlooked such as in the case of efficiency increase which is shown to have undesired side effects for the development of a sustainable energy system

rejoinder to bagus and howden on borrowing short and lending long in barnett and block j bus ethics 88 4 711 716 2009a the present authors claim that borrowing short and lending long is fraudulent and thus ought to be prohibited on legal grounds bagus and howden j bus ethics 90 3 399 2009 take issue with our ethical analysis the present paper is our response to these authors it is an attempt to defend barnett and block j bus ethics 88 4 711 716 2009a against the very interesting and important although we believe erroneous criticisms of bagus and howden j bus ethics 90 3 399 2009

market evidence on the effective maturity of bank assets and liabilities the recent years increase in interest rate volatility has intensified concern over the exposure of commercial banks to interest rate or funding risk since the effect of interest rate changes on the equity value of a bank depends on the maturity or duration of the bank s assets and liabilities assessing an individual bank s interest rate risk exposure requires information about the maturity composition of its portfolio it is difficult however to assess a bank s risk exposure from balance sheet data because several important asset and liability items have theoretically ambiguous effective maturities in a frictionless market a security s effective maturity will equal its stated maturity or time to repricing with market imperfections e g depositors transaction or information costs however the equilibrium cost of some deposit items may respond sluggishly or incompletely to market rate changes see hester and pierce 1975 or flannery 1982 such liabilities market values discounted at market rates would therefore fluctuate with the level of interest rates these liabilities are sometimes called core deposits which manifest sticky responses to market rate changes we define an asset or liability s effective maturity as the maturity of a fixed rate perfectly elastically supplied security with the same market value elasticity as the bank balance sheet item under consideration naturally a balance sheet item s effective maturity is the relevant determinant of its contribution to the bank s overall interest rate risk sensitivity

measuring the temporal dynamics of policy mixes an empirical analysis of renewable energy policy mixes balance and design features in nine countries abstract complex societal or environmental problems require fast and substantial socio technical transitions for instance in the case of climate change these transitions need to take place in the energy transport and several industry sectors to induce and accelerate such transitions numerous policy interventions are required which interact with each other in policy mixes while several conceptual studies on policy mixes have been published recently there is very little empirical research apart from single case or small n studies it has been prominently argued that the debate about policy mixes has reached an impasse partly due to this lack of empirical work this paper addresses this gap by providing a first analysis of the temporal dynamics of complex policy mixes to do so we develop a conceptualization and measurement of policy mix balance across instrument types as well as policy mix design features in the form of intensity as a general and technology specificity as a technology focused design feature this allows us to answer the question how temporal dynamics of policy mixes differ between countries regarding their balance and design features our measurement approach is developed bottom up i e policies are assessed individually and then aggregated systematically at the policy mix level this enables overcoming the dependent variable problem in the study of policy change i e the problem of measuring policy output more specifically we develop a comparative dataset of 522 renewable energy policies in nine oecd countries our analysis shows that countries policy mix dynamics vary strongly regarding some variables e g technology specificity but less regarding others e g balance as a validity check we also test the effects of these mix dynamics on policy outcome in the form of renewable energy technology diffusion we reflect our findings in light of the theoretical debates around policy mixes and policy design and discuss how our results provoke an agenda for the new generation of research on policy mixes we specifically discuss avenues for future research with a particular focus on the politics of policy mixes

in pursuit of energy justice abstract energy justice provides a framework to perceive disparities in our energy system the foundation of energy justice draws heavily from the environmental justice movement grounded in larger issues of representation economic relations between the state firms and social groups this article draws from the environmental justice movement to explore concepts of universal and particular justice universal energy justice holds to values stemming from judicial and philosophical groundings based in procedural distributional and cosmopolitan justice issues particular energy justice relies on recognition justice of cultural and environmental factors influencing choices around energy technologies and policy preferences for the distribution of energy services empirically this article examines tensions within the energy system in the european union it does this in two areas first by examining how universal energy justice is spread through national regulatory authorities nras dealing with energy second particular energy justice is exemplified by a political solution to energy poverty in bulgaria rather than a regulatory response this contrasts with a western european approach the aim of the article is to show the pursuit of energy justice attempts to resolve tensions between groups and differing politics to both access and provide energy services

reassessing the ethicality of some common financial practices depositors have perceived banks as acting unethically during the most recent recession one area of consternation is the ambiguity of the legal obligations entailed by the deposit contract when it is backed with only fractional reserves in this article we apply an existing analysis of the legitimacy and ethicality of banking practices to a wider range of financial transactions including insurance policies securities lending perpetual bonds and callable loans securities lending in particular creates rights violations analogous to those in fractional reserve banking both callable loans and perpetual bonds have clear legal obligations which are not inherently problematic though we herein clarify what these obligations are finally we apply our ethical framework to demonstrate that insurance products are distinct from banking deposit contracts and that perceived parallels between the two products underestimate these differences

oil and water do not mix or aliud est credere aliud deponere the financial crisis has led to new interest in the ethics of financial markets in this article we further the debate on the nature of banking contracts by showing that the fundamental subjective purposes of loan and deposit contracts are irreconcilable any resultant mixture of the two contracts is a legal aberration we consider a mutual fund as an important and legitimate alternative to the common demand deposit to provide high liquidity and some yield without offering full availability of a nominal sum besides being a close substitute for how many deposit accounts function today the mutual fund has the additional benefit of satisfying all legal and ethical requirements loan and investment contracts such as money market mutual funds allow for the bank to make use of their clients funds while the intents of money owners are clearly classified without running into legal or ethical problems

exploring participatory energy budgeting as a policy instrument to foster energy justice abstract the ethical and sustainable production and consumption of energy are becoming increasingly important with the ongoing transformation and decentralization of the energy system for other kinds of goods and commodities ethical consumption have direct implications for and the participation of informed citizens due to its intangibility energy lacks the same levels of reflection and intervention by citizens and those aspects are yet to be fully explored in practice this paper contributes to the understanding of how energy justice might be approached we reflect on an empirical experience of participatory energy budgeting a process aimed at determining how to redistribute a share of energy linked to collective virtuous consumption behaviors we analyze through a qualitative thematic analysis how participants make sense of the participatory energy budgeting process and the emerged dynamics within the local communities and how this process can strive to reconfigure the relationship among civil society the energy sector and politics in order to remediate injustices we highlight how the construction in practice of energy justice in a local community might be closely linked to issues such as the form of energy governance that allows for the participation of citizens and the accountability of the process policies and technological limitations

on the effects of unilateral environmental policy on offshoring in multi stage production processes in the last decades supply chains emerged that stretch across many countries this has been explained with decreasing trade and communication costs we extend the literature by analyzing if and how unilateral environmental regulation induces offshoring to unregulated jurisdictions we first apply an analytical partial equilibrium model of a two stage production process that can be distributed between two countries and investigate unilateral emission pricing and its supplementation with border carbon taxes to get a more comprehensive picture we subsequently apply a computable general equilibrium model that includes a better representation of international supply chains we find heterogeneous but mostly positive effects of a unilateral carbon emission reduction by the european union on the degree of vertical specialisation of european industries and explain these differences by heterogeneity in the emission intensity and pre policy vertical specialisation of sectors border taxes are successful in protecting upstream industries but with negative side effects for downstream industries

contestation contingency and justice in the nordic low carbon energy transition the five nordic countries have aggressive climate and energy policies in place and have already emerged to be leaders in renewable energy and energy efficiency denmark is renowned for its pioneering use of wind energy finland and sweden bioenergy norway hydroelectricity and iceland geothermal energy all countries aim to be virtually fossil free by 2050 this study explores the nordic energy transition through the lens of three interconnected research questions how are they doing it what challenges exist and what broader lessons result for energy policy the study firstly investigates the pathways necessary for these five countries to achieve their low carbon goals it argues that a concerted effort must be made to 1 promote decentralized and renewable forms of electricity supply 2 shift to more sustainable forms of transport 3 further improve the energy efficiency of residential and commercial buildings and 4 adopt carbon capture and storage technologies for industry however the section that follows emphasizes some of the empirical barriers the nordic transition must confront namely political contestation technological contingency and social justice and recognition concerns the study concludes with implications for what such historical progress and future transition pathways mean for both energy researchers and energy planners

practices and imaginations of energy justice in transition a case study of the noordoostpolder the netherlands abstract renewable energy technologies are often idealized as environmentally innocent alternatives to fossil fuels fossil fuel extraction is often considered as unjust and renewable energy as the just alternative at the same time renewable energy projects such as wind parks are often resisted because of the uneven impacts of its infrastructure this paper analyses such ambiguous meanings of energy justice social justice issues related to energy along the lines of its three tenets distributional procedural and recognition justice aiming to understand how energy justice is constructed from below it does so on the basis of a case study in the noordoostpolder the netherlands where plans for extracting shale gas went together with both large scale and small scale renewable energy practices the paper analyses how energy justice is made by how people resist shale gas and engage in renewable energy practices and as such produce new imaginations and normativities of energy justice such an ethnographic approach helps to understand energy justice as a process of co construction of activists policy makers and scholars and as such responds to recent calls for a human centred approach to the study of energy transitions the paper is based on two and a half years of ethnographic fieldwork in the noordoostpolder

the hubris of hybrids in the pages of this journal a fruitful debate has evolved on the ethical legitimacy of fractional reserve banking in this article we respond to the new arguments raised by evans j bus ethics 2014 as we clarify our bagus et al in j bus ethics 128 197 206 2015a position on the unethical and illegitimate nature of fractional reserve banking fractional reserve banking is not a recent financial innovation unlike e g money market mutual funds but represents a long standing legal aberration the co mingling of two mutually exclusive financial contracts deposit and loan confounds the contracting parties purposes intents rights and obligations as a result it creates unsolvable legal difficulties and ethical dilemmas while these problems are most evident in the case of a bank run they also arise when trying to answer the simple question of who owns a deposit

fuel poverty excess winter deaths and energy costs in vermont burdensome for whom energy whether from electricity natural gas heating oil propane kerosene or wood is essential for the well being of many americans yet those who spend more than 10 percent of their income of energy services can be considered fuel poor this study assesses the extent and severity of fuel poverty in vermont it analyzes energy burdens in vermont by household income deciles using data from the census bureau s american community survey approximately 71 000 people suffered from fuel poverty in vermont in 2000 and in 2012 the number rose to 125 000 or one in five vermonters startlingly fuel poverty grew 76 percent during this period excess winter deaths caused potentially by fuel poverty kill more vermonters each year than car crashes the article then provides 12 policy recommendations based on a small sample of elite semi structured research interviews these include suggestions that the vermont legislature better fund investments in weatherization among low income households that community groups and social service agencies scale up the training of energy efficiency coaches that state agencies endorse improvements in housing efficiency and appropriate fuel switching and that utilities and fuel providers offer extra assistance for disconnected households and allow for on bill financing of efficiency improvements

attributing responsibility for energy justice a case study of the hinkley point nuclear complex since 2006 as part of the transition to low carbon technologies uk energy policy has moved towards incentivising new nuclear power production as a result the uk has developed a now delayed strategy to deliver around 16gw of new nuclear power by 2030 this policy context provides an opportunity to reflect not only on the material infrastructure needed to meet transition targets but also on who is responsible for the energy justice implications of these decisions using data collected from 26 semi structured interviews with ngo and policy representatives this paper presents a case study of energy justice concerns surrounding the hinkley point nuclear complex in somerset focusing particularly on the highly controversial hinkley point c developments the results emphasise the importance of considering not only instances of energy justice or injustice but of attributing responsibility for them a concept that has been largely overlooked in the energy justice literature ngos government and business allocate responsibility differently in nuclear energy decision making we find that perceptions of responsibility are highly dependent upon the level of transparency in decision making this article is part of a virtual special issue entitled exploring the energy justice nexus

the legitimacy of loan maturity mismatching a risky but not fraudulent undertaking barnett and block journal of business ethics 2009 attack the heart of modern banking by claiming that the practice of borrowing short and lending long is illicit while their claim of illegitimacy concerning fractional reserve banking can be defended their justification lacks substance their claim is herein strengthened by a legal analysis of deposits and loans based on huerta de soto money bank credit and economic cycles 2006 a combined legal and economic analysis shows that while lending deposits can be regarded as illicit the maturity mismatching of loans is legitimate contrary to barnett and block s claim no over issuance of property rights is involved with this practice once the distinction between present and future goods is taken into account however while the practice is not illicit per se it is greatly assisted and developed through the presence of a fractional reserve banking system and can sometimes breed detrimental effects

production and consumption accounting of co2 emissions for xiamen china abstract consumption accounting of urban greenhouse gas emissions is preferable to production accounting because cities are open systems which depend on the import of large quantities of externally produced goods in this paper we use environmental input output analysis to construct co 2 production and consumption accounting inventories for xiamen a rapidly developing coastal city in southeast china we found that in 2007 total emissions embodied in production were 21 8 mt co 2 of which 17 1 mt co 2 were embodied in exports and 4 7 mt co 2 resulted from local demand on local production if the large amounts of emissions embodied in the xiamen reprocessing trade are excluded from the analysis total imported emissions were 12 2 mt co 2 consumption emissions were 16 9 mt co 2 and xiamen was a net exporter of 4 9 mt co 2 although xiamen s rapid economic growth is dependent on large scale flows of embodied emissions most of these emissions are not produced or consumed within the city system

the carbon footprint of greek households 1995 2012 abstract the goal of this paper is twofold i to investigate the carbon footprint of greek households throughout the period 1995 2012 in order to identify the main socio economic factors that affect ghg emissions and ii to evaluate the effectiveness of the implemented policies to tackle climate change in this a consumption based emissions inventory approach is applied the analysis is based on an environmentally extended input output model including direct co2 emissions from households indirect co2 emissions from electricity consumption and indirect co2 emissions from energy used in the production of goods and services purchased by households domestic or imported statistical analysis and appropriate regression models were developed in order to identify the main factors influencing the carbon footprint of greek households the results indicate that the observed trends during the period 1995 2008 can be attributed to the effect of high economic growth this trend is partially counterbalanced by favorable weather conditions and the implementation of greenhouse mitigation policies and measures mainly in the supply side since 2008 the shrinking household income is the dominant driver in addition the effectiveness of energy conservation policies and measures in place is rather low while the effect of imports is limited

harnessing social innovation for energy justice a business model perspective this paper uses a business model framework to discuss how principles of energy justice in particular equitable distribution of costs and benefits affordability due process and greater participation in decision making can be embedded in business model innovations for energy through social innovation the paper discusses four cases at different scales local subnational regional and global to highlight opportunities for introducing principles of energy justice into the core of business models of companies by doing so the paper offers a critical perspective on the potential of business model innovation to be guided through a more broadly defined understanding of value enhanced by concepts of energy justice the discussion of the four case studies the carbon cooperative robin hood energy renesco and the yansa community interest company highlights the importance of creating supportive wider environments for social and business model innovations such as the development of skills knowledge and social capital through interventions coming from multiple levels and focused on different aspects of energy generation supply and use i e finance and technical implementation going against the grain of current policy the study implies a shift away from upscaling innovations by taking them to the national scale and towards creating supportive conditions for more local deals in different geographic locations

trade and the environment from a southern perspective the relationship between free trade and the environment is one of the main issues of contention between environmental and ecological economics environmental economics assumes a positive relationship between free trade economic growth and environmental policies environmental externalities may cause important damage however trade is not to be blamed for this instead the fault lies with policy inadequacies at the national level on the other hand some ecological economists criticise the assumptions of environmental economics especially the immobility of production factors and the positive correlation between income and environmental quality they plead for measures to prevent deterioration of northern environmental standards in a race to the bottom due to ecological dumping from the south in this paper we argue that neither environmental economics nor northern ecological economics take into account the structural conditions determining the international trade system based on some new empirical evidence on material flows we stress the notion of environmental cost shifting if physical and political ecology perspectives are adopted a southern approach to the trade and environment issue may arise 2001 elsevier science b v all rights reserved

entrepreneurial error does not equal market failure barnett and block 2015 claim that bagus and howden 2012b support indirectly the concept of market failure in this paper we show that maturity mismatching in an unhampered market may imply entrepreneurial error but cannot be considered a market failure we demonstrate why fractional reserve banking leads to business cycles even if there is no central bank and why maturity mismatching does not per se lead to clusters of errors in a free market finally in contrast to the examples provided by barnett and block we assure that maturity mismatching does not imply the creation of two incompatible contracts due to the fungible nature of money

in defence of demand deposits contractual solutions to the barnett and block and bagus and howden debate this article contributes to a recent debate between barnett and block j bus ethics 88 4 711 716 2009 bagus and howden j bus ethics 90 3 399 406 2009 barnett and block j bus ethics 100 299 238 2011 cachanosky j bus ethics 104 219 221 2011 and bagus and howden j bus ethics 106 295 300 2012a regarding the conceptual distinction between demand deposits and time deposits it is argued that from an economic perspective there is nothing inherently fraudulent or illegitimate about deposit accounts that are available on demand but that this relies on certain contractual provisions particular attention is drawn to option clauses and withdrawal clauses which solve the problems raised by barnett and block and bagus and howden previous authors have also neglected the asset side of banks balance sheets and this is shown to further justify the legitimacy of fractional reserve banking

unequal resilience the duration of electricity outages abstract the resilience of social biophysical and technological systems is of increasing scholarly and practical import guided by scholarship on disaster resilience environmental inequality and urban service inequality we advance the study of unequal resilience in a critical infrastructure the electric grid we analyze inequality in electricity outage duration at the census block group level using data from the u s census the u s geological survey and a u s electrical utility s database of power outages from 2002 to 2004 our intersectional approach identifies a factor variable of american indian disadvantage as a correlate of average outage duration suggesting possible support for an institutional bias hypothesis however spatial error regression models demonstrate that unequal resilience within our study area is most consistently explained by proximity to priority assets i e hospitals average downstream customers affected by outages and environmental conditions i e the seasonality of outages these results are consistent with existing research on utilities response to power outages and more broadly with the bureaucratic decision rules perspective on service inequalities we discuss the implications of our findings for future research and energy policy

ethical differences between loan maturity mismatching and fractional reserve banking a natural law approach in a number of recent articles the debate on the ethics of fractional reserve free banking has been extended to loan maturity mismatching specifically the banking practice of borrowing short and lending long barnett and block j bus ethics 88 4 711 716 2009 2010 claim the practice is illicit because like fractional reserve banking it creates duplicate property titles they argue there is a continuum in the time dimension between the two kinds of activities bagus and howden j bus ethics 90 3 399 406 2009 106 3 295 300 2012a eur j law econ 2012b bus ethics 22 3 235 245 2013 maintain that loan maturity mismatching does not create duplicate titles and is not illicit and that from an economic and legal perspective there is no continuum with fractional reserve banking cachanosky j bus ethics 104 219 221 2011 and evans j bus ethics 2013 enter the debate from the free banking standpoint and view both practices as legitimate in this paper i agree with the conclusions of bagus and howden but adopt a different approach to support this position using the title transfer theory of contract i demonstrate from first principles why loan maturity mismatching does not create duplicate property titles and is a legitimate practice employing this same theory i then present a novel argument to show why the contractual arrangements found in fractional reserve banking are logically contradictory and illegitimate

on the necessary and sufficient conditions for legitimate banking contracts what role do demand deposits serve in the financial system the answer to this simple question has great implications in keeping the legal terms of the contract consistent with the demands of the financial system demand deposits are a perfect monetary substitute since money is only held to hedge against perceived uncertainty in both the timing and magnitude of future expenditures demand deposits are demanded for the same reason from this we derive three main conclusions first a financial contract similar to a demand deposit e g very short term bonds money market mutual funds etc cannot substitute for money second full agreement to a financial contract does not create a perfect substitute for money unless it provides money s two key characteristics on demand and par value redemption finally the demand for fractional reserve demand deposits is fostered by an exogenous source deposit insurance and that demand for a good or service is not a sufficient condition to justify its legality or ethicality

resolving society s energy trilemma through the energy justice metric carbon dioxide emissions continue to increase to the detriment of society in many forms one of the difficulties faced is the imbalance between the competing aims of economics politics and the environment which form the trilemma of energy policy this article advances that this energy trilemma can be resolved through energy justice energy justice develops the debate on energy policy to one that highlights cosmopolitanism progresses thinking beyond economics and incorporates a new futuristic perspective to capture these dynamics of energy justice this research developed an energy justice metric ejm that involves the calculation of several metrics 1 a country national ejm 2 an ejm for different energy infrastructure and 3 an ejm which is incorporated into economic models that derive costs for energy infrastructure projects an ejm is modeled for china the european union and the united states and for different energy infrastructure in the united kingdom the ejm is plotted on a ternary phase diagram which is used in the sciences for analyzing the relationship trilemma of three forms of matter the development of an ejm can provide a tool for decision making on energy policy and one that solves the energy trilemma with a just and equitable approach

the continuing continuum problem of deposits and loans barnett and block j bus ethics 18 2 179 194 2011 argue that one cannot distinguish between deposits and loans due to the continuum problem of maturities and because future goods do not exist both essential characteristics that distinguish deposit from loan contracts in a similar way but leading to opposite conclusions cachanosky forthcoming maintains that both maturity mismatching and fractional reserve banking are ethically justified as these contracts are equivalent we argue herein that the economic and legal differences between genuine deposit and loan contracts are clear this implies different legal obligations for these contracts a necessary step in assessing the ethics of both fractional reserve banking and maturity mismatching while the former is economically legally and perhaps most importantly ethically problematic there are no such troubles with the latter

energy justice at the end of the wire enacting community energy and equity in wales energy justice has emerged as a useful lens for understanding and guiding energy decision making however whilst calls for greater energy justice have grown fleeting attention has been paid to the role and agency of the very people at the heart of this agenda clearly given the increasing prevalence of local energy initiatives such projects warrant more sustained focus both to explore how energy justice is constructed between settings and to prompt greater consideration of its associated outcomes this paper seeks to address this gap by using energy justice to assess local ownership of small scale energy generation through a study of the community energy sector in wales in so doing it aids greater understanding of the energy equity dimension understood in terms of accessibility and affordability of the energy trilemma from a conceptual standpoint the research examines how energy justice is negotiated and contested at community scale through a focus on issues of distributive and procedural justice from a policy standpoint the research shows that community energy is often involved in a wide range of local objectives and directs attention to how best to support such initiatives to further stimulate local action and deliver more widespread equity gains

examining the global environmental impact of regional consumption activities part 1 a technical note on combining input output and ecological footprint analysis in recent years there have been a number of attempts to develop a more comprehensive approach to the issue of measuring resource use and or pollution generation embodied in trade flows including contributions that combine input output techniques and ecological footprint analysis in this two part paper we describe how to enumerate the resource and or pollution content of inter regional and inter national trade flows part 1 and we present a literature review of recent methodological and empirical developments part 2 it is straightforward in principle to extend the basic input output approach to capture international trade flows however in practice problems of data availability and compatibility and of computability of extended input output matrices mean that simplifying assumptions are generally applied but with the implications of these assumptions often not made fully explicit what appears to be absent from previous applications is an account of the analytical method by which ecological footprints should ideally be estimated in an international input output accounting analysis this allows an explicit analysis of the problems that prevent the application of the full method and identification of the most appropriate short cut methods in a transparent way the objective of this paper is to provide such an account

what is the latin for mayonnaise a response to bagus howden and gabriel if fractional reserve demand deposits are common and illegitimate an obvious flaw in the banking system is exposed however this article maintains that the only reason why demand deposits may be considered illegitimate is because of a way of defining them that renders them almost irrelevant this article provides a response to bagus et al j bus ethics forthcoming 2014 and identifies examples of how they misrepresent evans j bus ethics forthcoming 2013 it also provides further considerations on the tradeoffs relating to the availability of a deposit methodological subjectivism and the potential for hybrid contracts deposit and loan contracts may be hard to mix but the actual results of doing so should not be ignored

the application of contrast explanation to energy policy research uk nuclear energy policy 2002 2012 abstract this paper advances the application of the methodology contrast explanation to energy policy research research in energy policy is complex and often involves inter disciplinary work which traditional economic methodologies fail to capture consequently the more encompassing methodology of contrast explanation is assessed and its use in other social science disciplines explored in brief it is then applied to an energy policy research topic in this case nuclear energy policy research in the uk contrast explanation facilitates research into policy and decision making processes in energy studies and offers an alternative to the traditional economic methods used in energy research further contrast explanation is extended by the addition of contested and uncontested hypotheses analyses this research focuses on the methods employed to deliver the new nuclear programme of the uk government in order to achieve a sustainable nuclear energy policy three issues are of major importance 1 law policy and development 2 public administration and 3 project management further the research identifies that policy in the area remains to be resolved in particular at an institutional and legal level however contrary to the literature in some areas the research identifies a change of course as the uk concentrates on delivering a long term policy for the nuclear energy sector and the overall energy sector

politicizing energy justice and energy system transitions fossil fuel divestment and a just transition the burgeoning energy justice scholarship highlights the importance of justice and equity concerns in the context of global decarbonization and the transition to a green economy this paper seeks to extend current conceptualizations of energy justice across entire energy lifecycles from extraction to final use to offer an analytically richer and more accurate picture of the in justice impacts of energy policy decisions we identify two key areas that require greater attention and scrutiny in order to enact energy justice within a more democratized energy system first we call for greater recognition of the politics power dynamics and political economy of socio technical energy transitions we use the example of the fossil fuel divestment movement as a way to shift energy justice policy attention upstream to focus on the under researched injustices relating to supply side climate policy analysis and decisions second the idea of a just transition and the distributional impacts on and the role of labor in low carbon transitions must be addressed more systematically this focus produces a more directly political and politicizing framing of energy in justice and a just energy transition

optimization analysis of carbon emission rights allocation based on energy justice the case of china abstract carbon emission rights allocation affects the effective operation of carbon trading system and then the achievement of energy saving and emissions reduction objectives reasonable allocation scheme should meet the principle of justice carbon emission rights allocation based on energy justice is a novel and worth discussing subject this paper explores the optimization of carbon emission rights allocation based on energy justice the justice based model is built with the aid of gini coefficient the way to optimize allocation scheme with constraints of population ecological productive land fossil energy resources and gdp is discussed results show that fossil energy resources and ecological productive land play more important role in the allocation the prime example is inner mongolia its quota percentage change reaches up to 150 01 as the gdp and population growth rate are fixed in a given interval the quota allocation in eastern china shows some interesting results when the gdp growth rate is 6 25 the quotas of eastern china will not change with varying population growth rate the allocation will enter a relative stable stage as the population growth rate is greater than or equal to 6 4 these results can provide china with experience to deal with the new problem appeared in carbon trading system like two children policy and the new normal of economic growth

a comment on barnett and block on time deposit and bagus and howden on loan maturity mismatching in time deposits dimension and fraud 2009 william barnett and walter block argue that by borrowing short and lending long there is an over issuance of property rights their article however does not fully extend the consequences of their contribution once this is done it becomes clearer that their argument suits a great impediment to banking becoming a possible reason to support rather than to oppose fractional reserve banking bagus and howden j bus ethics 90 3 399 406 2009 comment on barnett and block j bus ethics 88 4 711 716 2009 the authors claim that while maintaining the illegitimacy of fractional reserve deposits borrowing short and lending long it is actually not illegitimate an extension on bagus and howden 2009 will show that their line of argumentation can be applied as a defense of fractional reserve banking as well

measurement of spatial socioeconomic impact of energy poverty abstract this article presents a spatial analysis of the evolution of energy poverty in spanish households and aims to measure the socioeconomic impact of energy poverty the economic financial measurement of palliative measures implemented and social perceptions of energy poverty are also dimensioned in order to analyse holistically the economic financial and social impact of energy poverty at a territorial level a statistical analysis of the financial aids has been conducted and the perception of technicians employed by both the public and the private sectors who work with affected households has been compiled in addition this paper explores the relationship between media coverage and the economic financial impact at territorial level to this goal 259 newspaper articles about energy poverty were classified and analysed to examine the socio genesis of the problem of energy poverty the measurement of the socio economics impact of energy poverty in households in a territory represents the spatial dimension of the problem for the definition of local energy policies taking into consideration the evolution of different measures implemented over time their limitations scope and flexibility

assessing fairness of dynamic grid tariffs the increase in the supply of intermittent renewable energy and the higher electricity use lead to stronger variation in network usage which either requires costly network extensions or the implementation of incentives to reduce peaks this paper focuses on the latter namely dynamic tariffs however a tension may exist between economic arguments for dynamic pricing and people perceiving such pricing as unfair this paper seeks to assess the fairness of dynamic tariffs through a combination of theoretical and empirical research fairness is defined broader than inequality it is understood more objectively than just people s perceptions and thus requires engagement with ethical theory and the fairness analysis is not only based on abstract ethical reflection but also on analysing the underlying arguments for people s perceptions both the theoretical fairness assessment and the survey among dutch households reveal that dynamic tariffs are less fair than transport and capacity tariffs and fairer than ramsey pricing the fairness of dynamic tariffs depends on implementation conditions such as clear non economic arguments as justification guarantying basic needs fulfilment decreasing perception that peak use is only for the rich and increasing predictability

are duty drawbacks on exports worth the hassle many countries use duty drawbacks on exports yet there is no consensus whether countries should embrace or abandon them the answer depends on countries development priorities and economic conditions an increase in the drawback has a positive impact on export competitiveness but the welfare effect is ambiguous a welfare increase is more likely if the economy is small with high input tariffs low initial drawback low administrative costs and tariff leakages in china duty drawback removal after meeting its wto commitments improves welfare but hurts economic efficiency export competitiveness and real incomes further liberalization can mitigate these negative effects plusieurs pays utilisent ce genre de rabais de tarifs douaniers mais il n y a pas de consensus a savoir si on doit supporter ces mesures ou les abandonner la reponse depend des conditions economiques et des priorites de developpement des divers pays un accroissement de ces reductions a un effet positif sur la competitivite des exportations mais ses effets sur le niveau de bien etre sont ambigus un effet de bien etre positif est plus probable si l economie est petite et a des hauts tarifs sur les intrants de faibles rabais des couts administratifs faibles et peu de fuites en chine l elimination de ces rabais en accord avec les engagements exiges par l omc a ameliore le niveau de bien etre mais a eu un effet negatif sur l efficacite la competitive des exportations et les revenus reels une liberalisation accrue peut attenuer ces effets negatifs

scottish banking before 1845 a model for laissez faire during the free banking era in eighteenth and early nineteenth century scotland there were a number of legal restrictions affecting the evolution of the system scottish banking was characterized by restrictions on small denomination and interest bearing notes there were also restrictions inhibiting the development of capital markets and entry into banking furthermore the bank of england operated as a shadow central bank for the scottish system these considerations call into question the use of the scottish banking experience as the appropriate model for laissez faire and as evidence against the legal restrictions theory of money and the new monetary economics copyright 1989 by ohio state university press

imbalance of carbon emissions embodied in the us japan trade temporal change and driving factors abstract in us japan trade japan ran both economic export surplus and export co2 emission surplus with the us positive net monetary exports for japan were actually a kind of economic losses of the us while positive net export co2 emissions or net co2 emissions embodied in us japan trade were regarded as pollution transfer from u s to japan however due to lack of unified measurement units and standards between the two research fields it is difficult to directly assess whether positive effects of u s via carbon transfer outweigh negative effects caused by economic losses the study transforms absolute values of net monetary exports and net export co2 emissions from 2000 to 2011 in us japan trade into two ratios the ratio of net monetary exports to gdp of u s and the ratio of net embodied co2 emissions to total co2 emissions of the us by comparison the result shows that on average net monetary exports between u s and japan accounted for 0 45 of american gdp while ratio of net export emissions to aggregate consumption based co2 emissions of u s kept about 0 20 during the research period concerned which indicated that negative effects of economic losses in u s outweighed positive effects via carbon transfer in us japan trade furthermore a structural analysis of co2 emissions embodied in us japan trade during the 11 years is given the most significant driver was emission coefficients defined as co2 emissions per unit of energy consumption the driving force of emission coefficients led to dramatic reduction in co2 flows from japan to the us and thus caused decrease of net export emissions which also explained the major reason for the low ratio of export emissions to total co2 emissions of the us finally according to sectoral distributions of co2 flows between japan and the us emission sources of two countries presented different characteristics

the protectionist bias of duty drawbacks evidence from mercosur in a political economy setting where tariffs and duty drawbacks are endogenously chosen through industry lobbying it is shown that full duty drawbacks are granted to exporters who use imported intermediates in their production this in turn decreases their incentives to counter lobby against high tariffs on their inputs in equilibrium higher tariffs will be observed on these goods the creation of a regional block will change the political equilibrium duty drawbacks will be eliminated on intra regional exports which in turn will lead to lower tariffs for goods used as inputs by intra regional exporters evidence from mercosur suggests that the elimination of duty drawbacks for intra regional exports led to increased counter lobbying by users of intermediate products in its absence the common external tariff would have been on average 3 5 percentage points 25 percent higher