The yin and yang of sustainable development: A case for win‐win environmentalism

James Roumasset and Lee Endress

Journal of the Asia Pacific Economy, 1996, vol. 1, issue 2, 185-194

Abstract: The disadvantages of treating sustainability as a constraint on welfare maximization are noted. Our proposed alternative incorporates inter‐generational equity by setting the utility discount rate equal to zero. This leads to a condition of increasing consumption towards a Golden Rule steady state by accumulating produced capital to more than offset the decline in natural capital. This rule is integrated with the standard conditions for efficient management of pollution and depletion of natural resources.

Date: 1996
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DOI: 10.1080/13547869608724585

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