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Sector-Level Decisions in a Sustainability-Constrained Economy

  • Richard T. Woodward
  • Richard C. Bishop

Despite two decades of debate, there remains little consensus about what sustainability is, and how it should be achieved. Economists primarily portray sustainability as a macro-level concern, but there has been less attention on the implications of this social objective for policies related to the management of individual resources. This paper derives guidance for sector-level planning and project analysis from a macro-level norm of intergenerational fairness. Optimal sustainable management involves making tradeoffs between sectors. We derive a criteria for sector-level planning and project analysis that help make those tradeoffs without losing site of the sustainability goal.

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File URL: http://le.uwpress.org/cgi/reprint/79/1/1
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Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 79 (2003)
Issue (Month): 1 ()
Pages: 1-14

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Handle: RePEc:uwp:landec:v:79:y:2003:i:1:p:1-14
Contact details of provider: Web page: http://le.uwpress.org/

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  1. Dixit, Avinash & Hammond, Peter & Hoel, Michael, 1980. "On Hartwick's Rule for Regular Maximin Paths of Capital Accumulation and Resource Depletion," Review of Economic Studies, Wiley Blackwell, vol. 47(3), pages 551-56, April.
  2. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, vol. 67(5), pages 972-74, December.
  3. Asheim, G.B. & Buchholz, W. & Tungodden, B., 1999. "Justifying Sustainability," Papers 5/99, Norwegian School of Economics and Business Administration-.
  4. Bromley, Daniel W., 1989. "Entitlements, missing markets, and environmental uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 17(2), pages 181-194, September.
  5. Richard B. Howarth, 1995. "Sustainability under Uncertainty: A Deontological Approach," Land Economics, University of Wisconsin Press, vol. 71(4), pages 417-427.
  6. Calvo, Guillermo A, 1978. "Some Notes on Time Inconsistency and Rawls' Maximin Criterion," Review of Economic Studies, Wiley Blackwell, vol. 45(1), pages 97-102, February.
  7. Michael C. Farmer & Alan Randall, 1997. "Policies for Sustainability: Lessons from an Overlapping Generations Model," Land Economics, University of Wisconsin Press, vol. 73(4), pages 608-622.
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