NOTES

1. Say really meant that a produced good represents demand for other goods, and not that every produced good will be sold (Say 1821 [1803]).

2. The best-known advocate is Amory Lovins (Lovins 1977; Lovins et al. 1981; Lovins and Lovins 1987; Lovins 1988; Lovins and Lovins 1991; Lovins 1998). See also Johansson et al. (1989), von Weizsaecker et al. (1998) and Jochem et al. (2000).

3. A good review of the evidence can be found in a special issue of Energy Policy (2000) edited by Lee Schipper. See also Jaccard (2005).

4. In the 1930s, the hereditary Nizam of Hyderabad (the largest and richest of the princely states of India) was reputed (in the press) to be 'the richest man in the world', on the strength of his possessions of this kind (Time magazine cover story, 22 February 1937). His wealth was estimated at one billion dollars in the 1940s. Much of it was from the fabled diamond mines of Golconda, in his realm. He used the 184-carat Jacob diamond as a paperweight. At one point in the 1930s, he was worried that he might be deposed by his subjects, so he loaded six lorries (trucks) with gold bullion in case he was forced to flee. They were found in the courtyard of his palace upon his death in 1967. It is rumored that six truckloads of treasures were removed from the palace on the night of his death. Another example of wealth derived from gold and gems is that of the Aga Khan, hereditary Imam of the Ismaili sect of Muslims. In 1936, his grandfather, Aga Khan III, celebrating his golden jubilee as Imam, was presented with his weight (220 lb) in gold by his followers; a decade later he received a gift of 243 lb of diamonds (Edwards 1996).

5. However, divorce-related property settlements often do reflect the value of pension rights.

6. This was possibly because his labor theory of value, which considered capital to be a sort of accumulation of past labor, could not be reconciled with the marginalist preference-based theory of value that was coming into vogue. Marx's book was published in 1867. The seminal marginalist contributions of Jevons, Menger and Walras appeared in 1871-4 (Marx 1867; Jevons 1871; Menger 1994 [1871]; Walras 1874).

7. The research in question was reported in Monitoring Environmental Progress: A Report on Work in Progress (also referred to as MEP) by the World Bank (ESD 1995). It was summarized in a draft monograph that was apparently never published in final form (Serageldin and Steer 1994).

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