Islands of Sustainability in Time and Space

Kimberly Burnett (), Lee Endress, Majah-Leah Ravago, James Roumasset and Christopher Wada

No 2011-13, Working Papers from University of Hawaii Economic Research Organization, University of Hawaii at Manoa

Abstract: We review the economics perspective on sustainable resource use and sustainable development. Under standard conditions, dynamic efficiency leads to sustainability of renewable resources but not the other way around. For the economic‐ecological system as a whole, dynamic efficiency and intergenerational equity similarly lead to sustainability, but ad hoc rules of sustainability may well lead to sacrifices in human welfare. We then address the challenges of extending economic sustainability to space as well as time and discuss the factors leading to optimal islands of preservation regarding renewable resources. Exogenous mandates based on moral imperatives such as self‐sufficiency and strong sustainability may result in missed win‐win opportunities that could improve both the economy and the environment, as well as increase social welfare across generations.

Keywords: Islands of sustainability; sustainable development; sustainability science; fisheries; forests (search for similar items in EconPapers)
JEL-codes: Q01 Q22 Q23 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2011-09
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Working Paper: Islands of Sustainability in Time and Space (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:hae:wpaper:2011-13

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