Sustainability as a Global Culture

Haluk Haksal

in Vernon Press Titles in Economics from Vernon Art and Science Inc

Abstract: The economics of sustainability begins with how the global economy assigns value. The global pricing system is structurally misaligned with sustainability imperatives. Sustainability is a macroeconomic coordination problem. Sustainable investment constitutes the primary economic transmission mechanism through which sustainability becomes operational. This study defines sustainability as a global culture, understood as the internalisation of sustainability in economic preferences. Sustainability transforms firms’ cost structures, with profound implications for cash-flow dynamics and risk exposure, thereby influencing the valuation of investment. Do we recognise sustainability not merely as a constraint, but as a meaningful and permanent way of life? Do we see ourselves as part of this global culture? The analysis integrates insights from political economy, behavioural economics, and corporate finance to develop a political-economic framework of sustainable investment, addressing topics such as carbon pricing, alternative measures to GDP, nudges, and real options. Designed for researchers, students, policymakers, practitioners, and general readers, the book combines analytical rigour with accessibility through dual chapter summaries that translate complex ideas into intuitive insights. It offers both a diagnostic framework and a pathway for aligning economic systems with planetary limits and human well-being.

Keywords: Pricing system misalignment; externalities; endogenous preferences; sustainable investment; SDG-aligned finance; double materiality; carbon pricing; Keynesian uncertainty; real options analysis; ecological footprint; planetary boundaries; green Keynesianism; inequality dynamics; intergenerational welfare; ESG frameworks; alternative economic metrics; capability approach; global sustainability governance (search for similar items in EconPapers)
Date: 2026 Written 2026-05-29
Edition: 1
ISBN: 979-8-2616-0075-6
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