Raising Utility and Lowering Risk through Adaptive Sustainability: Society and the Risk of Wealth Inequity in Western Australia

Mark Andrich (), Jorg Imberger and Ronald Oxburgh

No 524, LIS Working papers from LIS Cross-National Data Center in Luxembourg

Abstract: The Index of Sustainable Functionality (ISF) makes it possible to analyse domains and the sustainability of multiple systems from various perspectives. This paper uses available household wealth and income data to calculate the resource rich state of Western Australia’s ISF from different wealth level perspectives. How wealth inequity may affect the stability of major systems including the social, terrestrial, water and mineral industry are discussed as are reasons behind recent changes in wealth distribution. The ISF results show that from the perspective of society’s richest 20%, poorest 20%, mean wealth households and the environment, system decline has occurred over the past 20 years, even as the economy reached full functionality. Suggestions to improve functionality and long-term stability are made, with the major suggestion the introduction of a fund modelled on Norway’s sovereign wealth fund.

Keywords: index of sustainable functionality (ISF); wealth inequity; sustainability; Western Australia (WA); Norway; sovereign wealth fund (search for similar items in EconPapers)
Pages: 42 pages
Date: 2009-12
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Published in Journal of Sustainable Development 3, no. 3 (2010): 14-35.

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Persistent link: https://EconPapers.repec.org/RePEc:lis:liswps:524

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