Sustainability economics and the construction industry

Obas John Ebohon

Chapter 11 in Research Companion to Construction Economics, 2022, pp 215-237 from Edward Elgar Publishing

Abstract: Economic growth and development have negative impacts on the natural environment. Sustainability economics considers environmental concerns, and the justice and equity implications of liquidating natural capital for economic growth and development. This chapter evaluates the potential trade-offs and conflicts between justice, equity and economic efficiency inherent in conventional economic growth models. The construction industry, with its resource intensity, presents an opportunity to appraise these trade-offs and conflicts. Central to the debate is whether man-made capitals and natural capitals are substitutable – the 'weak sustainability' and 'strong sustainability' debates. The study evaluated construction under each paradigm and concludes that some natural capitals and man-made capitals are not substitutable. Therefore, it is necessary to decouple growth in construction from resource consumption intensity to enhance the regenerative capacity of the natural environment, achieving equity and justice. The risk with 'business as usual' is used to underscore the importance of mainstreaming sustainability in construction. Examples of buildings incorporating principles of sustainability are discussed.

Keywords: Business and Management; Economics and Finance; Urban and Regional Studies (search for similar items in EconPapers)
Date: 2022
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