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Environmental Economics, Ecological Economics, and the Concept of Sustainable Development

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  • Giuseppe Munda

Abstract

This paper presents a systematic discussion, mainly for non-economists, on economic approaches to the concept of sustainable development. As a first step, the concept of sustainability is extensively discussed. As a second step, the argument that it is not possible to consider sustainability only from an economic or ecological point of view is defended; issues such as economic-ecological integration, inter-generational and intra-generational equity are considered of fundamental importance. Two different economic approaches to environmental issues, i.e. neo-classical environmental economics and ecological economics, are compared. Some key differences such as weak versus strong sustainability, commensurability versus incommensurability and ethical neutrality versus different values acceptance are pointed out.

Suggested Citation

  • Giuseppe Munda, 1997. "Environmental Economics, Ecological Economics, and the Concept of Sustainable Development," Transfer: Environmental Values, , vol. 6(2), pages 213-233, May.
    • Handle: RePEc:sae:envval:v:6:y:1997:i:2:p:213-233
    DOI: 10.3197/096327197776679158
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    Keywords

    ecological economics; post-normal science; co-evolution; institutional economics; sustainability; incommensurability;
    All these keywords.

    JEL classification:

    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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