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Sustainable Development and the Precautionary Principle: the Australian Experience

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    Abstract

    Sustainable development has (SD) been an important objective promoted by many development economists during the last few decades. However, the implementation of sustainable development has been a problem since adequate guidelines are not available. This is specially so in the use of environmental resources such as water, soil, land etc. The precautionary principle has been advanced as one way of making decisions on sustainable use of resources under uncertainty and irreversibility. However, the precautionary principle has encountered numerous problems in applying it in Australia such as lack of legal status, lack of information and lack of adequate methods of quantifying damages. It has not been uniformly applied and incorporating it in law and providing stronger policy support may enhance its’ wider use for the conservation of natural resources and the achievement of sustainable development.

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    File URL: http://www.deakin.edu.au/buslaw/aef/workingpapers/papers/2006-15eco.pdf
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    Paper provided by Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance in its series Economics Series with number 2006_15.

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    Length: 17 pages
    Date of creation: 12 Oct 2006
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    Handle: RePEc:dkn:econwp:eco_2006_15

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    1. Giuseppe Munda, 1997. "Environmental Economics, Ecological Economics, and the Concept of Sustainable Development," Environmental Values, White Horse Press, vol. 6(2), pages 213-233, May.
    2. Wilfred Beckerman, 1994. "'Sustainable Development': Is it a Useful Concept?," Environmental Values, White Horse Press, vol. 3(3), pages 191-209, August.
    3. Gollier, Christian & Jullien, Bruno & Treich, Nicolas, 2000. "Scientific progress and irreversibility: an economic interpretation of the 'Precautionary Principle'," Journal of Public Economics, Elsevier, Elsevier, vol. 75(2), pages 229-253, February.
    4. Nick Hanley, 1990. "Are There Environmental Limits to Cost Benefit Analysis?," Working Papers Series, University of Stirling, Division of Economics 90/6, University of Stirling, Division of Economics.
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