Considering future generations - sustainability in theory and practice

Christine Carmody
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Christine Carmody: Treasury, Government of Australia

Economic Roundup, 2012, issue 3, 65-91

Abstract: The concept of sustainability has become increasingly popular in international and domestic debate on social progress; it is also a key dimension of the Treasury wellbeing framework. However, confusion surrounds the concept, its measurement and its application in decision-making. Defined as maintaining or increasing wellbeing between generations, sustainability requires a focus on aggregate stocks of capital. Key features of the sustainability problem are uncertainty about the future, thresholds and substitutability between capital stocks. It is these issues, rather than theoretical paradigms, that are of practical importance to decision-makers.

Keywords: intergenerational equity; uncertainty. (search for similar items in EconPapers)
JEL-codes: O10 Q01 (search for similar items in EconPapers)
Date: 2012
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