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Sustainable development: equal treatment of the present and the future?

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  • Graciela Chichilnisky

Abstract

This article provides two axioms that capture the idea of sustainable development, and characterises the welfare criterion that they imply. It presents a formal theory of sustainable development, created by the author (Chichilnisky, 1996a, 1997). The axioms require that neither the present nor the future should play a dictatorial role in society's choices over time. Theorems 1 and 2 show that there exist sustainable preferences which satisfy these axioms and provide a full characterisation. Theorems 3 to 5 study a standard dynamical system representing the growth of a renewable-resource economy, give a 'turnpike' theorem, and exhibit the differences between sustainable optima and the ones according to discounted utilitarianism. (JEL 013)

Suggested Citation

  • Graciela Chichilnisky, 2010. "Sustainable development: equal treatment of the present and the future?," International Journal of Green Economics, Inderscience Enterprises Ltd, vol. 4(4), pages 346-359.
    • Handle: RePEc:ids:ijgrec:v:4:y:2010:i:4:p:346-359
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