IDEAS home Printed from https://ideas.repec.org/p/fth/colubu/98-10.html
   My bibliography  Save this paper

Valuing the Future: Economic Theory and Sustainability

Author

Listed:
  • Heal, G.

Abstract

I develop a framework for thinking about some aspects of sustainability. The framework is one for modeling the dynamic interactions of economic and biological systems, studying the time paths that can emerge from these, and then selecting one of these as optimal. I investigate alternative approaches to optimality, inquiring whether there is a concept of optimality that captures the concerns that underlie the emerging interest in sustainability. I suggest that the essence of sustainability lies in three points: a treatment of the present and the future that places a positive value on the very long run, recognition of all the ways in which environmental assets or natural capital contribute to economic well-being, and recognition of the constraints on economic activity implied by the dynamics of environmental assets.

Suggested Citation

  • Heal, G., 1998. "Valuing the Future: Economic Theory and Sustainability," Papers 98-10, Columbia - Graduate School of Business.
  • Handle: RePEc:fth:colubu:98-10
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    More about this item

    Keywords

    MATHEMATICAL ANALYSIS ; BIOLOGY ; OPTIMIZATION ; ENVIRONMENT;

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D60 - Microeconomics - - Welfare Economics - - - General
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
    • Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fth:colubu:98-10. 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: (Thomas Krichel). General contact details of provider: http://edirc.repec.org/data/gsclbus.html .

    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.

    We have no references for this item. You can help adding them by using 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.