Within the past decade, it has gone from being
a fringe idea proposed in a paper written by a mysterious author, to being a mainstream technology that some people are treating as a new asset class.
Some of Mr. Daly's
fringe ideas have become tangible reality: He
proposed that we should place an economic value on the depletion of resources; today, we have things such as the European Emission Trading Scheme, which tries to place a market price on pollution in order to reduce emissions.