Beyond David Graeber: How state intervention creates ‘bullshit jobs’

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This paper explores temporal coordination mechanisms in market economies through the lens of Austrian Capital Theory, emphasizing how interest rates facilitate the alignment of complex intertemporal production plans across dispersed market participants. The study addresses the challenge of coordinating heterogeneous capital goods over time, a critical issue in dynamic economic systems where production spans multiple stages and horizons. Through a rigorous theoretical analysis and an extensive literature review, the research investigates the role of market processes in achieving this coordination, with a particular focus on how monetary policy influences these mechanisms. The analysis reveals that interest rates act as vital signals, aggregating dispersed knowledge and guiding entrepreneurial decisions to align production structures with consumers’ time-preferences. However, monetary interventions, such as interest rate manipulations, are shown to distort these signals systematically, contributing to malinvestment—where resources are misallocated to unsustainable projects—and overconsumption during business cycles. Empirical evidence from the 2002–2009 period, including the U.S. Federal Reserve’s monetary expansion, illustrates these effects, highlighting how negative real interest rates (2003–2005) falsified economic calculations, inflating household net worth by $21.7 trillion while reducing savings rates to below 1% by 2005, only to collapse by $13 trillion in 2008. This research synthesizes Austrian insights with emerging technological developments, particularly Web 3.0 technologies and decentralized systems like smart contracts and decentralized finance (DeFi), which may enhance market coordination by reducing reliance on central intermediaries and improving knowledge transmission. The originality lies in bridging classical economic theory with modern technological paradigms, offering a framework to assess how decentralized innovations can preserve Austrian principles of entrepreneurial discovery and spontaneous order. This theoretical analysis contributes to understanding the interplay between monetary policy, technology, and market dynamics, providing a foundation for future empirical studies on decentralized economic coordination.

Land degradation has become a growing concern with the current increase in demand for arable land. Sustainable land management and land restoration practices are required in order to meet the demands to provide food and other services. Adoption of improved practices has, however, not been widespread partly because of a lack of clarity on the true economic value and setting of proper financial incentives. This review focuses on the economic costs of land degradation as a prelude to two ongoing initiatives involving the United Nations Convention to Combat Desertification (UNCCD). We review how ecosystem services derived from land have been economically valued to date. Economic valuation has mostly focused on the use value of provisioning services and cultural services, with limited valuation of non-use value of cultural services. Also, no unique valuation method has been applied following methodological developments, varying study objectives and data availability constraints. These factors impair coherent and consistent estimation of the total economic value of land degradation across countries. We identify a need to develop harmonized valuation methods to estimate total economic value under strong data and capacity constraints. We propose two alternative frameworks for harmonized total economic valuation of land degradation at country level to guide further research in making environmental valuation more relevant and practical under strong data and capacity constraints.

The purposes of this study are to explore the travel costs incurred by visitors to Bukit Sakura, the factors that affect the number of tourist visits to Bukit Sakura, the economic value of Bukit Sakura and the impact of Bukit Sakura on the people's economy. The research location was chosen deliberately in Bukit Sakura Nature Tourism. Data collection was carried out in March-July 2020. The method used in this study was a case study with 76 visitor respondents, 15 worker respondents and 8 business unit respondents. The data analysis methods used are travel cost analysis, Poisson regression analysis, economic value calculation, and Keynesian multiplier effect. Travel expenses incurred by visitors to Bukit Sakura tourism are IDR 88,805 per person per visit. The factors that influence the number of visits to Bukit Sakura are the age and cost of the trip. The economic value of Bukit Sakura based on the travel cost method is IDR 13,111,054,718.63. The Income Multiplier Keynesian value is 0.45 while the Income Multiplier Ratio Type 1 value is 2.68 and the value obtained from Income Multiplier Ratio Type 2 is 5.18. The Income Multiplier Keynesian value of 0.45 indicates that Bukit Sakura tourism still has a low economic impact.Key words: economic impacts, economic value, number of visits, and travel costs.

Mining activities had positive and negative impacts on the environment. Erosion is one of the negative impacts that must be managed. This research carried out due to the problem of different predicted erosion and the actual condition in one of the reclamation areas of PT X. This research aims to analyze the erosion rate and economic value on the mining reclamation activities of PT X. This research method carried out using the calculation of erosion rates with USLE, the Erosion Hazard Index (IBE), interviews with village communities around PT X and calculated economic value due to erosion with an economic valuation using Total Economic Value (NET). The results indicate that the calculation of erosion rates with the USLE approach of 35,351.69 tons/ha/year and the value of the Erosion Hazard Index (IBE) with the Very High category dominating reclamation area with a percentage of 61,11%. The results of the economic valuation calculation are Rp13,7 billion/year, and the recommended erosion management is to manage factors C and P to reduce the rate of erosion.

Inorganic waste has economic value because it can be recycled. The presences of inorganic scavengers collect waste discharge to contribute to the reduction of waste and reduce environmental damage. This study aims to obtain economic value calculation inorganic waste that goes into landfill and has been reduced by scavengers, knowing the factors that influence the rate reduction by scavengers, and to get a view of the role of the scavengers and the collectors or the container in reducing waste in landfill Basirih Banjarmasin and the description of the relationship between the working procedures of the scavengers and collectors. Research conducted at the place of final disposal (landfill) waste in the area Basirih Banjarmasin in South Kalimantan Province. Method of survey conducted through interviews and questionnaires with a sample of respondents 60 people scavengers drawn at random, while for levels of collectors (containers) carried out the census. The calculation result shows that the economic value of waste is reduced inorganic waste in 2008 amounted to Rp.423.655.500, - with an average amount of waste that is reduced 960 tons / year, in the year 2009 amounting to Rp. 501 966 250, - with the amount of waste reduction on average 1300 tonnes / year, and in 2010 was Rp 585,952,750, - with a reduction of 1551 tons / year. Factors affecting the economic value of waste are age, length of time the scavengers work in one day and length of experience scavenged. Scavenging activity has indirectly reduced the amount of waste volume and load capability of the environment.

Abstract— Population growth impacts on accumulating basic need. Basic foodstuff of Indonesia people is rice. The rice is derived from paddy field. The availability of paddy land use need to be maintained due to the continuously of supporting aspects ie water, paddy field. Therefore, it is necessary to manage rice crops to yield more production. Irrigation is one way to increase rice production. Irrigation plays an important role in the success of rice production. An important role of this irrigation should be assessed economically. The economic value of irrigation for paddy production needs to be studied. An important role of the irrigation should be assessed econmically. The economic value of irrigation for paddy production needs to be studied. Study of economic value is important so that people know that the irrigation water is an important contribution in the production of rice in addition to seeds, fertilizer and labor. It is necessary for economic calculation.This study aimed to quantify the economic value of watersheds to irrigate rice fields. Economic value calculation is conducted using benefit and cost benefit analysis on use of irrigation watershed in Cahaya Alam village. Muara Enim regency in South Sumatera of provinceKeywords— Enim watershed, irrigation, benefits and costs analysis

BACKGROUND AND METHODS: The treatment of substance abuse is an important health service available in all industrialized countries throughout the world. Cost of treatment and its benefit or economic value is an important policy issue. Reduction in health care cost is one alternative way to measure benefits. This paper reviews a series of studies (all from the US) which address the cost-benefit question. Most studies have compared the monthly costs prior to initiation of substance abuse treatment with the costs following initiation. RESULTS FROM STUDIES OF ALCOHOLISM TREATMENT: Many studies have found that, over the time prior to alcoholism treatment initiation, total monthly health care costs increased and costs substantially increased during the 6-12 months prior to treatment. Following treatment initiation, monthly total medical care costs declined and the overall trend was downward, i.e., the slope was negative. In contrast to the use of general health care where women typically utilize more medical care than men, overall medical care costs were found to be similar. Alcoholics of different ages, however, showed distinct medical care costs, i.e., younger patients experienced greater declines in medical care costs following alcoholism treatment initiation. Inpatient treatment is most affected by alcoholism treatment. In some cases, outpatient treatment is actually increased in response to aftercare health care utilization, but at a substantially lower cost than inpatient treatment. If the alcoholism condition can be treated on an outpatient basis, then the total cost of such treatment is obviously lower and the potential for a cost-offset net effect is substantially increased. COST BENEFITS OF DRUG ABUSE TREATMENT: There have been few drug abuse treatment cost-benefit research studies. Early studies found that there was a decline in sickness and medical care utilization associated with initiation of treatment. A recent study found a substantial reduction in total health care costs following initiation of drug abuse treatment. Utilization of inpatient care and its associated costs are most affected by the absence and/or presence of treatment. SUMMARY AND CONCLUSION: This review describes the research findings from a number of cost-offset or cost-benefit studies of alcoholism and drug abuse treatment. In broad terms the findings of this research can be summarized as follows. (i) Untreated alcoholics or drug dependent persons use health care and incur costs at a rate about twice that of their age and gender cohorts. (ii) Once treatment begins, total health care utilization and costs begin to drop, reaching a level that is lower than pre-treatment initiation costs after a two- to four-year period. The conclusion is based on similar findings across different patient populations using a variety of research designs. (iii) There are no apparent gender differences in the utilization and associated costs before and after treatment initiation. (iv) There are age differences that support the value of early intervention. Younger treated substance abuse patients have pre-treatment total cost levels that are lower than pre-treatment levels for older patients. IMPLICATIONS OF HEALTH POLICY: The results of research provide consistent support for the cost benefits of substance abuse treatment. From a health policy perspective, such results are promising if the objective is to demonstrate that treatment investment can pay for all or part of its associated costs through reductions in other health care costs. One can hold a contrary position, i.e., lower future medical care costs for substance abusers could reflect denial of essential care. IMPLICATIONS FOR FURTHER RESEARCH: The studies that have addressed the potential cost offset of substance abuse treatment have been largely based upon overall or aggregate effects across all forms of substance abuse treatment. There have been no studies of the cost offset of specific treatment modalities, though this is what the next generation of studies should do

Promoting forest as one of green economy asset in Indonesia become an important agenda in the process of development. Forests have an important role as a source of foreign exchange and also as a form of natural resource wealth. The era of globalization with the accelerated economic growth increases the need for both, the fields of agriculture, infrastructure, land requirements and other sectors. Increased human needs are giving a positive correlation to the increased pressure on forests. Mangrove forests as one of the most productive ecosystems in the world are also experiencing the same threat. The expansion of settlements and ponds in coastal areas lead to degradation of mangrove forests is very high. The economic value of mangrove forests of diverse functions such as shoreline protection, habitat for aquatic organisms, carbon storage, and a variety of other functions has not been a lot of concern to the public and policy makers. This study aimed to quantify the economic value of mangrove forests in Untung Jawa Island, Thousand Islands as an effort to support the government's program to realize the green economy in the forestry sector. Method of economic calculation mangrove forests in this research is to calculate the Total Economic Value / Total Economic Valuation (TEV), which consists of direct use values (Direct Use Value) and indirect use values (Indirect Use Value). The results showed that the direct use value of mangrove forests in Untung Jawa Island is Rp. 395,126,912 which includes the value of timber, fruit value, and the value of the fishery, while the indirect use value is Rp. 7,500,600,000 calculated from the value of coastal protection, the value of foraging, conservation value, educational value, and recreational value. The total economic value (total economic value) of mangrove forests in Untung Jawa Island reached Rp. 7,895,726,912Keywords : mangrove, green economy, total economic valuation

Making crafts with floral motifs from plastic bottle waste by Apikes Iris students for residents around Mount Panggilun. The data collection techniques used were observation, interviews and documentation. The research subjects are students. The results of the research show that making crafts with floral motifs from waste plastic bottles uses materials and tools, where the materials are large and small plastic bottles of various shapes, paint and water, while the tools used are scissors, cutting knives, brushes. , pot, bucket. The process of making crafts from plastic bottle waste goes through several stages, namely obtaining materials, processing materials, the process of making stems and the final stage (finishing). Crafts with flower motifs from plastic bottle waste by Apikes Iris students for the residents of Mount Panggiun are an example of a plastic recycling process which aims to change the use of plastic items so that they remain useful. The manufacturing process is done by hand using simple tools and carrying out productive efforts with the principle of togetherness. The results of handicrafts with floral motifs from waste plastic bottles are creative decorative objects. Visually, this product has a basic flower shape with various patterns and different sizes. The colors used are bright and attract attention, such as red, yellow, blue, pink and golden yellow, some of the patterns are wavy like leaves and also sharp. The motifs are in the form of small circles, leaves, flower petals and lines. This craft work, apart from having aesthetic value, also has economic value.

This study focuses on the economic value and carbon benefits of riparian buffers in urban drinking water production. The impact of riparian buffers on the waterworks operation in the Raccoon River watershed was quantified using the following metrics: nitrate concentration, days of nitrate removal operation, material and energy cost (based on 17 years of historical records with a watershed model), regression, and cost analysis. The findings indicate that the presence of riparian buffers in agricultural land can substantially decrease nitrate concentration in the water intake of the waterworks during the crop‐growing season: 19% in April, 9% in May, and 11% in June. These reductions mean less nitrate treatment of the plant intake flow: 23% in April, 12% in May, and 3% in June. These changes lead to significant resource savings: 425 metric tons of sodium chloride (NaCl), 147 810 kWh of electricity, 253 metric tons of powdered activated carbon, and 20.8 million liters of fresh water. The buffers would also reduce greenhouse gas emissions by 86.9 metric tons (CO2 equivalent) in 17 years. The total cost saving was estimated at $327 326, with the highest potential savings in May ($215 100), followed by April ($65 465), and June ($46 761). When factoring in buffer installation, cropland loss, nitrate removal, and cost associated with buffer harvest for biofuel in an established biomass market, the benefit to the entire watershed community would be $2.63 million annually. The results underscore the significant cost benefits and environmental benefits associated with cropland riparian buffers in a watershed community. The approach employed in this study holds promise for assessing riparian buffer benefits in other watersheds, contributes to an understanding of sustainable water management practices, and provides a basis for decision making in a wide range of agricultural regions.

Strong links between the condition of the environment and the economy have recently resulted in a number of actions aiming to implement environmental considerations in economic calculations. This is accompanied by the development of the concept of ecosystem services, characterizing the benefits that the environment provides humankind with. The identification of these services is reflected in their economic values. Hence, the concept of the valuation of ecosystem services. Therefore, if the service provided by the environment takes on a financial value, we can consider it as income from the property containing the analyzed ecosystem. Of course, in order to speak in practice of the income approach in the valuation of such properties, there must be actual financial flow as income for the real estate owner. However, in the era of big economic changes and the implementation of a number of financial instruments (e.g., subsidies for a particular use of property, trade of CO2 emission rights), it seems reasonable to consider the possibility of property valuation by the valuation of ecosystem services. A part of this research focused on a service of forest ecosystems service that is carbon sequestration. The selection was made due to the implementation of the climate policy at the European level and its association with the trade of CO2 emission rights. The analyses were performed for two test sites characterized by different determinants (composition of species in the tree stand, age of the stand, degree of compactness of the tree stand, etc.). The low level of difficulty of the test methods used enables non-experts (persons with no qualifications in forestry) to carry out valuations themselves. The research is a contribution to the debate on the possibility of accounting for carbon sequestration in forest property valuation based on the income approach, but the issue still requires clarification of certain elements.

This article delineates the operations of one particular ‘aesthetic economy’, focusing on the way in which aesthetics in the field of fashion modelling are central to the economic calculations of this market. Drawing on the work of Bourdieu and Blumer, the author argues that economic calculations are intertwined with cultural concerns, bound to forms of cultural knowledge, capital and acquired taste, and to social, cultural and institutional relations. A culturally valued look (the model’s body) is produced through processes of cultural valorization within the fashion modelling network, which, in time, aim to translate into economic value in the form of high fees. Fashion modelling provides an interesting case study which might shed light on how aesthetic values are generated in other fields of cultural production with a strong aesthetic component. In setting out this case study the author delineates an approach to the study of other aesthetic economies.

The underestimation of ecosystem services that exists today is explained by the complexity of the value expression of its various functions and interrelationships. Naturally, it is impossible to fully determine the economic value of nature, since the value of goods irreplaceable for life tends to infinity. At the same time, the value indicator of these benefits in a market economy is a determining condition for financial support for the preservation and self-reproduction of natural ecosystems. In the context of the formation of global markets for ecosystem services, the prospects for the ecological and economic assessment of specially protected natural areas are great. Such assessments should become mandatory for the regions and be taken into account in their development strategies. This also applies to the territory of Tunkinsky National Park, located in the Republic of Buryatia, which has become an object of mapping. Based on the concept of total economic value, the component and aggregate values of the cost of direct use of a number of services of the national park were calculated. The information on the nature and use of natural resources in the study area served as the basis for ecological and economic calculations. A map of the natural-territorial complexes of Tunkinsky National Park was compiled, the analysis of which made it possible to get an idea of the distribution of the main natural-territorial complexes within the study area, as well as to determine their areas. The assessment of direct ecosystem services was carried out based on the productivity of biological resources for a number of species of animals, fish, wild plants, as well as recreational and pasture resources. The assessment of indirect services is calculated on the basis of carbon sequestration by forests and swamps, filtration capacity of swamps. The conducted ecological and economic assessment and its visual display on the maps of the studied territory can help in the development of ways to optimize nature management, which will contribute to the careful use of natural resources, diversification of its structure in order to preserve the ecological framework of the territory, ethnocultural and landscape diversity.

Introduction Should society be concerned about the loss of wetlands? The arguments and analysis in this chapter seek to construct a case for an affirmative answer to this question. Wetlands represent important forms of natural capital (Costanza and Daly 1992), and there is an urgent need for a balance to be struck between wetland conservation, sustainable utilisation and wetland conversion (Turner 1991). The management process will not be costless and therefore wetland assets require proper ecological and economic valuation. Wetlands are multifunctional and can be considered as capital assets which require appropriate (sustainable) management if they are to continue to produce the flow of wetland derived functions, services and goods. This flow is generated by species and processes interconnected within their environment in what is referred to as life-support systems (Odum 1989). Life-support systems generate a range of ecosystem produced functions, services and goods of fundamental value to society. Some life-support functions of ecosystems can be valued in economic terms, but others may not be amenable to meaningful monetary valuation. It has been doubted whether the full contribution of component species and processes to the aggregate life-support service provided by ecosystems can be fully captured in economic values (e.g., Ehrlich and Ehrlich 1992). We would further argue that the value of the aggregate life-support service including the ecosystem structure and function has seldom been recognised and not explicitly taken into account in economic calculations.