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An Environmental-Economic Measure of Sustainable Development

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  • Robert D. Cairns
  • Vincent Martinet

Abstract

A central issue in the study of sustainable development is the interplay of growth and sacrifice in a dynamic economy. This paper investigates the relationship among current consumption, growth, and sustained consumption in two canonical, stylized economies and in a more general context. It is found that the maximin value measures what is sustainable and provides the limit to growth. Maximin value is interpreted as an environmental-economic carrying capacity and current consumption or utility as an environmental-economic footprint. The time derivative of maximin value is interpreted as net investment in sustainability improvement. It is called durable savings to distinguish it from genuine savings, usually computed with discounted utilitarian prices.

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File URL: http://economix.fr/pdf/dt/2012/WP_EcoX_2012-02.pdf
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Bibliographic Info

Paper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number 2012-2.

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Length: 34 pages
Date of creation: 2012
Date of revision:
Handle: RePEc:drm:wpaper:2012-2

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Keywords: sustained development; growth; maximin; sustainability indicator;

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  1. Llavador, Humberto & Roemer, John E. & Silvestre, Joaquim, 2009. "A Dynamic Analysis of Human Welfare in a Warming Planet," Working Papers 09-5, University of California at Davis, Department of Economics.
  2. Antoine D'Autume & Katheline Schubert, 2009. "Zero discounting and optimal paths of depletion of an exhaustible resource with an amenity value," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00367910, HAL.
  3. Asheim, Geir B. & Buchholz, Wolfgang & Hartwick, John M. & Mitra, Tapan & Withagen, Cees, 2005. "Constant savings rates and quasi-arithmetic population growth under exhaustible resource constraints," Memorandum 23/2005, Oslo University, Department of Economics.
  4. Martinet, V. & Doyen, L., 2007. "Sustainability of an economy with an exhaustible resource: A viable control approach," Resource and Energy Economics, Elsevier, vol. 29(1), pages 17-39, January.
  5. Dasgupta, Partha & M Ler, Karl-G Ran, 2000. "Net national product, wealth, and social well-being," Environment and Development Economics, Cambridge University Press, vol. 5(01), pages 69-93, February.
  6. Cairns, Robert D. & Long, Ngo Van, 2006. "Maximin: a direct approach to sustainability," Environment and Development Economics, Cambridge University Press, vol. 11(03), pages 275-300, June.
  7. Vincent Martinet & Luc Doyen, 2010. "Maximin, Viability and Sustainability," EconomiX Working Papers 2010-19, University of Paris West - Nanterre la Défense, EconomiX.
  8. Cairns, Robert D. & Tian, Huilan, 2010. "Sustained development of a society with a renewable resource," Journal of Economic Dynamics and Control, Elsevier, vol. 34(6), pages 1048-1061, June.
  9. Pezzey, J.C.V.John C. V., 2004. "One-sided sustainability tests with amenities, and changes in technology, trade and population," Journal of Environmental Economics and Management, Elsevier, vol. 48(1), pages 613-631, July.
  10. Asheim, Geir B, 1994. " Net National Product as an Indicator of Sustainability," Scandinavian Journal of Economics, Wiley Blackwell, vol. 96(2), pages 257-65.
  11. Asheim, Geir B., 2007. "Can NNP be used for welfare comparisons?," Environment and Development Economics, Cambridge University Press, vol. 12(01), pages 11-31, February.
  12. Chichilnisky, Graciela & Heal, Geoffrey & Beltratti, Andrea, 1995. "The Green Golden Rule," Economics Letters, Elsevier, vol. 49(2), pages 175-179, August.
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