Macroeconomic Measures of ‘Sustainability’

Nick Hanley

Journal of Economic Surveys, 2000, vol. 14, issue 1, 1-30

Abstract: This paper reviews the policy need for indicators of ‘sustainable development’, and the impetus behind recent moves to establish official indicators. The range of indicators available from current economic theory is then examined. These measures may be divided into those based on flows and those based on stocks. Flow‐based measures are essentially attempts to adjust Net National Product to transform it into an indicator of sustainability. Stock‐based measures revolve around the concept of the natural and man‐made capital stocks. We also consider the idea of Safe Minimum Standards as a sustainability indicator. The paper concludes that no currently‐available single measure of sustainability is likely to be adequate.

Date: 2000
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