Ecological Sustainability

Finn R. Førsund

Chapter 9 in Asia-Pacific Transitions, 2001, pp 115-123 from Palgrave Macmillan

Abstract: Abstract The popularized version of sustainable development above is, of course, too vague for practical policy purposes, and also difficult to give a precise theoretical interpretation. Economic interpretations are usually based on a Hicksian concept of sustainable income, with a sharp distinction between income used for consumption as a flow concept, and capital, as a basis for income, as a stock concept (Hicks 1946). Consumption is sustainable if the stock of capital is left intact. This leads us to the general economic definition of sustainability as a non-decreasing consumption path over time.

Keywords: American Economic Review; Scandinavian Journal; Sharp Distinction; Ecological Sustainability; Economic Interpretation (search for similar items in EconPapers)
Date: 2001
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DOI: 10.1057/9780230628458_9

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