Clarifying protected and utilitarian values of critical capital
Sustainable development may be defined as a non-declining value of capital stocks (social, natural, built and human) over time. The ability for substitution between and within each stock over time has been widely debated, resulting in the identification, and then preservation of ‘critical capital stocks’. We propose that ‘critical’ can be defined from two ethical perspectives; teleological or consequentialist (goal or ends based) and deontological (moral duty and rule based). The consequential ethic ensures critical capitals are ‘utilitarian’ in value and they generate goods and services for the maintenance of human wellbeing. Whilst deontologically critical capital depends on culturally and psychologically ‘protected’ values, which may vary locally or at least (as for, e.g., biodiversity) be open to conflicting opinions. This separation in the basis for defining critical capital stocks leads to awareness that some tradeoffs between critical capital stocks may be irreconcilable or likely to lead to outrage. A framework is developed to guide practitioners as to how to identify critical capital stocks using both protected and utilitarian values. Examples show that ‘protected’ values are likely to be specific to community (ethnic, religious, cultural, etc.) and require different methods for resolving substitutability of capital stocks to achieve sustainable development.
If 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.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
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.:
- Max-Neef, Manfred A., 2005. "Foundations of transdisciplinarity," Ecological Economics, Elsevier, vol. 53(1), pages 5-16, April.
- Wendy Proctor & Martin Drechsler, 2006. "Deliberative Multicriteria Evaluation," Environment and Planning C, SAGE Publishing, vol. 24(2), pages 169-190, April.
- De Groot, Rudolf & Van der Perk, Johan & Chiesura, Anna & van Vliet, Arnold, 2003. "Importance and threat as determining factors for criticality of natural capital," Ecological Economics, Elsevier, vol. 44(2-3), pages 187-204, March.
- repec:spo:wpecon:info:hdl:2441/5l6uh8ogmqildh09h4687h53k is not listed on IDEAS
- Spash, Clive L. & Urama, Kevin & Burton, Rob & Kenyon, Wendy & Shannon, Peter & Hill, Gary, 2009. "Motives behind willingness to pay for improving biodiversity in a water ecosystem: Economics, ethics and social psychology," Ecological Economics, Elsevier, vol. 68(4), pages 955-964, February.
- Joseph Stiglitz & Amartya K. Sen & Jean-Paul Fitoussi, 2009.
"The measurement of economic performance and social progress revisited: Reflections and Overview,"
Sciences Po publications
2009-33, Sciences Po.
- Joseph Stiglitz & Amartya K. Sen & Jean-Paul Fitoussi, 2009. "The measurement of economic performance and social progress revisited: Reflections and Overview," Working Papers hal-01069384, HAL.
- Ekins, Paul & Simon, Sandrine & Deutsch, Lisa & Folke, Carl & De Groot, Rudolf, 2003. "A framework for the practical application of the concepts of critical natural capital and strong sustainability," Ecological Economics, Elsevier, vol. 44(2-3), pages 165-185, March.
- Kenneth Arrow & Partha Dasgupta & Karl-Göran Mäler, 2003.
"Evaluating Projects and Assessing Sustainable Development in Imperfect Economies,"
2003.109, Fondazione Eni Enrico Mattei.
- Kenneth Arrow & Partha Dasgupta & Karl-Göran Mäler, 2003. "Evaluating Projects and Assessing Sustainable Development in Imperfect Economies," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 26(4), pages 647-685, December.
- Cochrane, Phoebe, 2006. "Exploring cultural capital and its importance in sustainable development," Ecological Economics, Elsevier, vol. 57(2), pages 318-330, May.
- Simon Dietz & Eric Neumayer, 2007.
"Weak and strong sustainability in the SEEA: concepts and measurement,"
LSE Research Online Documents on Economics
3058, London School of Economics and Political Science, LSE Library.
- Dietz, Simon & Neumayer, Eric, 2007. "Weak and strong sustainability in the SEEA: Concepts and measurement," Ecological Economics, Elsevier, vol. 61(4), pages 617-626, March.
- Bebbington, Jan & Brown, Judy & Frame, Bob, 2007. "Accounting technologies and sustainability assessment models," Ecological Economics, Elsevier, vol. 61(2-3), pages 224-236, March.
- Martinez-Alier, Joan & Munda, Giuseppe & O'Neill, John, 1998. "Weak comparability of values as a foundation for ecological economics," Ecological Economics, Elsevier, vol. 26(3), pages 277-286, September.
- Kenneth Arrow & Partha Dasgupta & Lawrence Goulder & Gretchen Daily & Paul Ehrlich & Geoffrey Heal & Simon Levin & Karl-Göran Mäler & Stephen Schneider & David Starrett & Brian Walker, 2004. "Are We Consuming Too Much?," Journal of Economic Perspectives, American Economic Association, vol. 18(3), pages 147-172, Summer.
- Hartwick, John M, 1977.
"Intergenerational Equity and the Investing of Rents from Exhaustible Resources,"
American Economic Review,
American Economic Association, vol. 67(5), pages 972-974, December.
- John Hartwick, 1976. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," Working Papers 220, Queen's University, Department of Economics.
- John Hartwick, 1977. "Intergenerational Equity and the Investment of Rents from Exhaustible Resources in a Two Sector Model," Working Papers 281, Queen's University, Department of Economics.
- Funtowicz, Silvio O. & Ravetz, Jerome R., 1994. "The worth of a songbird: ecological economics as a post-normal science," Ecological Economics, Elsevier, vol. 10(3), pages 197-207, August.
- Ayres, Robert U., 2007. "On the practical limits to substitution," Ecological Economics, Elsevier, vol. 61(1), pages 115-128, February.
- Joseph E. Stiglitz & Amartya Sen & Jean-Paul Fitoussi, 2009. "The measurement of economic performance and social progress revisited," Documents de Travail de l'OFCE 2009-33, Observatoire Francais des Conjonctures Economiques (OFCE).
- Scott Atran & Robert Axelrod, 2008. "Reframing Sacred Values," Post-Print ijn_00505185, HAL.
- Chiesura, Anna & de Groot, Rudolf, 2003. "Critical natural capital: a socio-cultural perspective," Ecological Economics, Elsevier, vol. 44(2-3), pages 219-231, March.
- Spash, Clive L., 2007. "Deliberative monetary valuation (DMV): Issues in combining economic and political processes to value environmental change," Ecological Economics, Elsevier, vol. 63(4), pages 690-699, September.
- Baron, Jonathan & Spranca, Mark, 1997. "Protected Values," Organizational Behavior and Human Decision Processes, Elsevier, vol. 70(1), pages 1-16, April.
- Jeremy Ginges & Scott Atran & Douglas Medin & Khalil Shikaki, 2007. "Sacred bounds on the rational resolution of violent political conflict," Post-Print ijn_00505179, HAL.
- Brand, Fridolin, 2009. "Critical natural capital revisited: Ecological resilience and sustainable development," Ecological Economics, Elsevier, vol. 68(3), pages 605-612, January.
- Martin Hanselmann & Carmen Tanner, 2008. "Taboos and conflicts in decision making: Sacred values, decision difficulty, and emotions," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 3, pages 51-63, January.
- Nick Hanley & Clive L. Spash, 1993. "Costâ€“Benefit Analysis and the Environment," Books, Edward Elgar Publishing, number 205.
When requesting a correction, please mention this item's handle: RePEc:eee:ecolec:v:73:y:2012:i:c:p:206-210. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu)
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.