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Criteria for Assessing Sustainable Development: Theoretical Issues and Empirical Evidence for the Case of Greece

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Author Info
Dimitra Vouvaki (Department of Economics, University of Crete, Greece)
Anastasios Xepapadeas () (Department of Economics, University of Crete, Greece)

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Abstract

We formulate two kinds of sustainability criteria by using feedback and arbi- trary rules for selecting policy variables in non optimizing economies. We show that when policy variables are selected arbitrarily their accounting prices could determine sustainability in addition to the accounting prices of the economy’s assets. We use our theoretical framework to obtain es- timates of sustainability conditions in real economies. Thus, the paper’s contribution consists in developing a systematic theoretical framework for determining value functions, accounting prices and sustainability criteria, under fairly general non-optimizing behavioral rules, and then showing that this framework can be used in applied work to estimate sustainability con- ditions. Based on our theoretical model, we examined the case of the Greek economy. When there is no binding environmental policy then migration rate, growth of capital per worker and exogenous technical change are strong positive factors for sustainability. When we introduce potential environmen- tal damages due to sulphur dioxide (SO2) emissions, our …ndings indicate that these damages a¤ect negatively the sustainability criterion.

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Publisher Info
Paper provided by University of Crete, Department of Economics in its series Working Papers with number 0511.

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Length: 34 pages
Date of creation: 04 Apr 2005
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Handle: RePEc:crt:wpaper:0511

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Related research
Keywords: sustainability criteria non-declining social welfare accounting

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Find related papers by JEL classification:
Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - -
O13 - Economic Development, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products

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    Other versions:
  2. Riley, John G., 1980. "The just rate of depletion of a natural resource," Journal of Environmental Economics and Management, Elsevier, vol. 7(4), pages 291-307, December. [Downloadable!] (restricted)
  3. Kenneth Arrow & Partha Dasgupta & Karl-Göran Mäler, 2003. "Evaluating Projects and Assessing Sustainable Development in Imperfect Economies," Working Papers 2003.109, Fondazione Eni Enrico Mattei. [Downloadable!]
    Other versions:
  4. Hediger, Werner, 2000. "Sustainable development and social welfare," Ecological Economics, Elsevier, vol. 32(3), pages 481-492, March. [Downloadable!] (restricted)
  5. Pemberton, Malcolm & Ulph, David, 2001. " Measuring Income and Measuring Sustainability," Scandinavian Journal of Economics, Blackwell Publishing, vol. 103(1), pages 25-40, March. [Downloadable!] (restricted)
  6. Jeff Frank & Philip Wrigley, 2001. "A Night at the Opera," World Economics, World Economics, NTC Economic & Financial Publishing, PO Box 69, Henley-on-Thames, Oxfordshire, United Kingdom, RG9 1GB, vol. 2(3), pages 167-176, July. [Downloadable!]
  7. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May. [Downloadable!] (restricted)
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  8. Kenneth J. Arrow & Partha Dasgupta & Karl-Göran Mäler, 2003. "The genuine savings criterion and the value of population," Economic Theory, Springer, vol. 21(2), pages 217-225, 03. [Downloadable!] (restricted)
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