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Interpreting Sustainability in Economic Terms: Dynamic Efficiency Plus Intergenerational Equity

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Author Info
Stavins, Robert (Harvard U)
Wagner, Alexander (Harvard U)
Wagner, Gernot (Harvard U)

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Abstract

Economists have expended considerable effort to develop economically meaningful definitions of the somewhat elusive concept of "sustainability." We relate such a definition of sustainability to well known concepts from neoclassical economics, in particular, potential Pareto improvements (in the Kaldor-Hicks sense) and inter-personal compensation. In the inter-temporal realm, we find that dynamic efficiency is a necessary but not sufficient condition for a notion of sustainability that has normative standing as a goal for public policy. We define sustainability as dynamic efficiency plus intergenerational equity. Further, we argue that it is not unreasonable for economists to focus on the efficiency element, leaving equity considerations to the political process. The analogy to the relationship between potential Pareto improvements and (intragenerational) transfers can facilitate discussions about sustainability, both within the economics community and as part of an interdisciplinary discourse, and makes the basic concepts easier to operationalize.

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Paper provided by Harvard University, John F. Kennedy School of Government in its series Working Paper Series with number rwp02-018.

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Date of creation: May 2002
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Handle: RePEc:ecl:harjfk:rwp02-018

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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.:
  1. Pezzey, J., 1992. "Sustainable Development Concepts; An Economic Analysis," Papers 2, World Bank - The World Bank Environment Paper.
  2. Heal, G., 1998. "Valuing the Future: Economic Theory and Sustainability," Papers 98-10, Columbia - Graduate School of Business.
  3. Asheim, Geir B. & Buchholz, Wolfgang, 2000. "The Hartwick Rule: Myths and Facts," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  4. Kenneth Arrow et al., 2004. "Are We Consuming Too Much?," Journal of Economic Perspectives, American Economic Association, vol. 18(3), pages 147-172, Summer. [Downloadable!] (restricted)
  5. Asheim, Geir B. & Buchholz, Wolfgang & Tungodden, Bertil, 2001. "Justifying Sustainability," Journal of Environmental Economics and Management, Elsevier, vol. 41(3), pages 252-268, May. [Downloadable!] (restricted)
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(explanations, 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.)

  1. Knapp, Keith, 2006. "Recursive Sustainability: Intertemporal Efficiency and Equity," 2006 Annual meeting, July 23-26, Long Beach, CA 21472, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  2. John M. Gowdy, 2004. "Toward a New Welfare Foundation for Sustainability," Rensselaer Working Papers in Economics 0401, Rensselaer Polytechnic Institute, Department of Economics. [Downloadable!]
  3. John Creedy & Ross Guest, 2008. "Sustainable Preferences and Damage Abatement:Value Judgments and Implications for Consumption Streams," Department of Economics - Working Papers Series 1026, The University of Melbourne. [Downloadable!]
  4. Majah-Leah Ravago & James Roumasset, 2009. "Economic Policy for Sustainable Growth and Development vs. Greedy Growth and Preservationism," Working Papers 200909, University of Hawaii at Manoa, Department of Economics. [Downloadable!]
  5. Majah-Leah Ravago & James Roumasset & Kimberly Burnett, 2008. "Resource management for Sustainable Development of Island Economies," Working Papers 200804, University of Hawaii at Manoa, Department of Economics. [Downloadable!]
  6. BRECHET, Thierry & LAMBRECHT, StŽphane, 2005. "Puzzling over sustainability: an equilibrium analysis," CORE Discussion Papers 2005001, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
  7. Richard M. Bird, 2003. "Fiscal Flows, Fiscal Balance, and Fiscal Sustainability," International Studies Program Working Paper Series, at AYSPS, GSU paper0302, International Studies Program, Andrew Young School of Policy Studies, Georgia State University. [Downloadable!]
  8. Vincent Martinet, 2007. "Maximizing minimal rights for sustainability: a viability approach," EconomiX Working Papers 2007-20, University of Paris West - Nanterre la Défense, EconomiX. [Downloadable!]
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