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Sustainability and Development

Author

Listed:
  • Edward B. Barbier

    (Department of Economics and Finance, University of Wyoming, Laramie, Wyoming 82070)

Abstract

Sustainable development requires that per capita welfare does not decline over time. The minimum condition is ensuring that any depletion of natural capital is compensated by reproducible and human capital, so that the value of the aggregate stock does not decrease. Meeting this condition is problematic if natural capital includes ecosystems, which not only provide unique goods and services but are also prone to irreversible conversion and abrupt collapse. Net domestic product accounting rules for the depreciation of the total stock of reproducible, human, and natural capital of an economy can be extended to incorporate the direct benefits provided by ecosystems. They also can integrate any capital revaluation that occurs through ecosystem restoration and conversion and the threat of irreversible collapse. These approaches confirm the economic interpretation of sustainability as nondeclining welfare. They can also be used to estimate the changes in the value of ecological capital due to economic activity.

Suggested Citation

  • Edward B. Barbier, 2016. "Sustainability and Development," Annual Review of Resource Economics, Annual Reviews, vol. 8(1), pages 261-280, October.
    • Handle: RePEc:anr:reseco:v:8:y:2016:p:261-280
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    File URL: http://www.annualreviews.org/doi/10.1146/annurev-resource-100815-095227
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    Citations

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    Cited by:

    1. Topf, Julie & Schultz, Leonardo A. & Silva, José Maria Cardoso da, 2023. "An index to measure the sustainability of place-based development pathways," Ecological Economics, Elsevier, vol. 204(PA).
    2. Barbier, Edward B. & Burgess, Joanne C., 2019. "Sustainable development goal indicators: Analyzing trade-offs and complementarities," World Development, Elsevier, vol. 122(C), pages 295-305.
    3. Alessandra Savino & Giuliano Marolla & Angelo Rosa, 2022. "Co-production: Strategic Lever for Dehospitalization and Redefinition of Organizational Structures in Healthcare," International Business Research, Canadian Center of Science and Education, vol. 15(3), pages 1-46, March.
    4. Daniela Covino & Rosa Malgeri Manzo, 2017. "The violation of human rights and the exploitation of youth in developing countries," RIVISTA DI STUDI SULLA SOSTENIBILITA', FrancoAngeli Editore, vol. 0(1), pages 27-46.
    5. Miranda, Carlos Moreno & Moreno, Raúl & Moreno, Pablo, 2020. "Protected-Denomination-of-Origin Cocoa Bean: Chain governance and Sustainability Performance," Economia agro-alimentare / Food Economy, Italian Society of Agri-food Economics/Società Italiana di Economia Agro-Alimentare (SIEA), vol. 22(1), April.
    6. López, Ramón E. & Yoon, Sang W., 2020. "Sustainable development: Structural transformation and the consumer demand," Structural Change and Economic Dynamics, Elsevier, vol. 52(C), pages 22-38.
    7. Junze Zhang & Shuai Wang & Wenwu Zhao & Michael E. Meadows & Bojie Fu, 2022. "Finding pathways to synergistic development of Sustainable Development Goals in China," Palgrave Communications, Palgrave Macmillan, vol. 9(1), pages 1-10, December.
    8. Zaharia Marian & Gogonea Rodica-Manuela & Vlasceanu Carmen Florentina, 2023. "Happy Planet Index In Europe. A Gini Analysis Of Sustainable Development," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 11-20, October.
    9. Michael-Bitton, Geula & Gal, Gideon & Corrales, Xavier & Ofir, Eyal & Shechter, Mordechai & Zemah-Shamir, Shiri, 2022. "Economic aspects of fish stock accounting as a renewable marine natural capital: The Eastern Mediterranean continental shelf ecosystem as a case study," Ecological Economics, Elsevier, vol. 200(C).
    10. Basil Bornemann & Sabine Weiland, 2021. "The UN 2030 Agenda and the Quest for Policy Integration: A Literature Review," Politics and Governance, Cogitatio Press, vol. 9(1), pages 96-107.
    11. Oruj Gasimli & Ihtisham ul Haq & Shahid Munir & Muhammad Hasnain Khalid & Sisira Kumara Naradda Gamage & Alam Khan & Muhammad Ishtiaq, 2022. "Globalization and Sustainable Development: Empirical Evidence from CIS Countries," Sustainability, MDPI, vol. 14(22), pages 1-15, November.
    12. Olga Lavrinenko & Svetlana Ignatjeva & Alina Ohotina & Oleg Rybalkin & Dainis Lazdans, 2019. "The Role of Green Economy in Sustainable Development (Case Study: The EU States)," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 6(3), pages 1113-1126, March.
    13. Carlos Moreno Miranda & Ra?l Moreno & Pablo Moreno, 2020. "Protected-Denomination-of-Origin Cocoa Bean: Chain governance and Sustainability Performance," Economia agro-alimentare, FrancoAngeli Editore, vol. 22(1), pages 1-24.
    14. Michael Jakob & William F. Lamb & Jan Christoph Steckel & Christian Flachsland & Ottmar Edenhofer, 2020. "Understanding different perspectives on economic growth and climate policy," Wiley Interdisciplinary Reviews: Climate Change, John Wiley & Sons, vol. 11(6), November.

    More about this item

    Keywords

    ecological capital; inclusive wealth; national accounts; natural capital; sustainable development;
    All these keywords.

    JEL classification:

    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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