Considering future generations - sustainability in theory and practice
AbstractThe concept of sustainability has become increasingly popular in international and domestic debate on social progress; it is also a key dimension of the Treasury wellbeing framework. However, confusion surrounds the concept, its measurement and its application in decision-making. Defined as maintaining or increasing wellbeing between generations, sustainability requires a focus on aggregate stocks of capital. Key features of the sustainability problem are uncertainty about the future, thresholds and substitutability between capital stocks. It is these issues, rather than theoretical paradigms, that are of practical importance to decision-makers.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Treasury, Australian Government in its journal Economic Roundup.
Volume (Year): (2012)
Issue (Month): 3 (October)
intergenerational equity; uncertainty.;
Find related papers by JEL classification:
- Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Partha Dasgupta, 2008. "Discounting climate change," Journal of Risk and Uncertainty, Springer, vol. 37(2), pages 141-169, December.
- Solow, Robert M, 1986. " On the Intergenerational Allocation of Natural Resources," Scandinavian Journal of Economics, Wiley Blackwell, vol. 88(1), pages 141-49.
- Geir Asheim & Wolfgang Buchholz & Cees Withagen, 2003.
"The Hartwick Rule: Myths and Facts,"
Environmental & Resource Economics,
European Association of Environmental and Resource Economists, vol. 25(2), pages 129-150, June.
- Asheim,G.B. & Buchholz,W., 2000. "The Hartwick rule : myths and facts," Memorandum 11/2000, Oslo University, Department of Economics.
- Asheim, G.B. & Buchholz, W. & Withagen, C.A.A.M., 2002. "The Hartwick Rule: Myths and Facts," Discussion Paper 2002-52, Tilburg University, Center for Economic Research.
- Geir B. Asheim & Wolfgang Buchholz, 2000. "The Hartwick Rule: Myths and Facts," CESifo Working Paper Series 299, CESifo Group Munich.
- Asheim, Geir B. & Mitra, Tapan, 2010.
"Sustainability and discounted utilitarianism in models of economic growth,"
Mathematical Social Sciences,
Elsevier, vol. 59(2), pages 148-169, March.
- Geir B. Asheim & Tapan Mitra, 2009. "Sustainability and Discounted Utilitarianism in Models of Economic Growth," CESifo Working Paper Series 2521, CESifo Group Munich.
- Kenneth J. Arrow & Partha Dasgupta & Lawrence H. Goulder & Kevin J. Mumford & Kirsten Oleson, 2010.
"Sustainability and the Measurement of Wealth,"
NBER Working Papers
16599, National Bureau of Economic Research, Inc.
- Hartwick, John M, 1977.
"Intergenerational Equity and the Investing of Rents from Exhaustible Resources,"
American Economic Review,
American Economic Association, vol. 67(5), pages 972-74, December.
- John Hartwick, 1976. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," Working Papers 220, Queen's University, Department of Economics.
- Zuber, Stéphane & Asheim, Geir B., 2012.
"Justifying social discounting: The rank-discounted utilitarian approach,"
Journal of Economic Theory,
Elsevier, vol. 147(4), pages 1572-1601.
- ZUBER, Stéphane, 2010. "Justifying social discounting: the rank-discounted utilitarian approach," CORE Discussion Papers 2010036, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Stéphane Zuber & Geir B. Asheim, 2010. "Justifying Social Discounting: The Rank-Discounted Utilitarian Approach," CESifo Working Paper Series 3192, CESifo Group Munich.
- Martin Parkinson, 2011. "Sustainable Wellbeing - An Economic Future for Australia," Economics Discussion / Working Papers 11-17, The University of Western Australia, Department of Economics.
- Partha Dasgupta & Eric Maskin, 2005.
"Uncertainty and Hyperbolic Discounting,"
American Economic Review,
American Economic Association, vol. 95(4), pages 1290-1299, September.
- John Creedy & Ross Guest, 2008. "Discounting and the Time Preference Rate," The Economic Record, The Economic Society of Australia, vol. 84(264), pages 109-127, 03.
- Withagen, Cees & Asheim, Geir B. & Buchholz, Wolfgang, 2003. "On the sustainable program in Solow's model," Memorandum 33/2002, Oslo University, Department of Economics.
- Graciela Chichilnisky, 1997. "What Is Sustainable Development?," Land Economics, University of Wisconsin Press, vol. 73(4), pages 467-491.
- Weitzman, Martin L., 1998. "Why the Far-Distant Future Should Be Discounted at Its Lowest Possible Rate," Journal of Environmental Economics and Management, Elsevier, vol. 36(3), pages 201-208, November.
- n/a, 2010. "Sustainability and the Measurement of Wealth," NIESR Discussion Papers 2856, National Institute of Economic and Social Research.
- Neumayer, Eric, 1999. "Global warming: discounting is not the issue, but substitutability is," Energy Policy, Elsevier, vol. 27(1), pages 33-43, January.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Department of Treasury).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.