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Islands of Sustainability in Time and Space

Author

Listed:
  • Kimberly Burnett

    () (Department of Economics, University of Hawaii at Manoa and University of Hawaii Economic Research Organization)

  • Lee Endress

    () (Department of Economics, University of Hawaii at Manoa)

  • Majah-Leah Ravago

    () (Department of Economics, University of Hawaii at Manoa)

  • James Roumasset

    () (Department of Economics, University of Hawaii at Manoa and University of Hawaii Economic Research Organization)

  • Christopher Wada

    () (University of Hawaii Economic Research Organization)

Abstract

We review the economics perspective on sustainable resource use and sustainable development. Under standard conditions, dynamic efficiency leads to sustainability of renewable resources but not the other way around. For the economic‐ecological system as a whole, dynamic efficiency and intergenerational equity similarly lead to sustainability, but ad hoc rules of sustainability may well lead to sacrifices in human welfare. We then address the challenges of extending economic sustainability to space as well as time and discuss the factors leading to optimal islands of preservation regarding renewable resources. Exogenous mandates based on moral imperatives such as self‐sufficiency and strong sustainability may result in missed win‐win opportunities that could improve both the economy and the environment, as well as increase social welfare across generations.

Suggested Citation

  • Kimberly Burnett & Lee Endress & Majah-Leah Ravago & James Roumasset & Christopher Wada, 2011. "Islands of Sustainability in Time and Space," Working Papers 2011-13, University of Hawaii Economic Research Organization, University of Hawaii at Manoa.
  • Handle: RePEc:hae:wpaper:2011-13
    as

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    File URL: http://www.uhero.hawaii.edu/assets/WP_2011-13.pdf
    File Function: First version, 2011
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    References listed on IDEAS

    as
    1. Geoffrey Heal, 2010. "Reflections--The Economics of Renewable Energy in the United States," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 4(1), pages 139-154, Winter.
    2. Endress, Lee H. & Roumasset, James A. & Zhou, Ting, 2005. "Sustainable growth with environmental spillovers," Journal of Economic Behavior & Organization, Elsevier, vol. 58(4), pages 527-547, December.
    3. James Roumasset & Nori Tarui, 2010. "Governing the Resource: Scarcity-Induced Institutional Change," Working Papers 201015, University of Hawaii at Manoa, Department of Economics.
    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.
    5. Geoffrey Heal, 2009. "Climate Economics: A Meta-Review and Some Suggestions for Future Research," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 3(1), pages 4-21, Winter.
    6. Costello, Christopher & Polasky, Stephen, 2008. "Optimal harvesting of stochastic spatial resources," Journal of Environmental Economics and Management, Elsevier, vol. 56(1), pages 1-18, July.
    7. John C. V. Pezzey, 1997. "Sustainability Constraints versus "Optimality" versus Intertemporal Concern, and Axioms versus Data," Land Economics, University of Wisconsin Press, vol. 73(4), pages 448-466.
    8. Sanchirico, James N. & Wilen, James E., 1999. "Bioeconomics of Spatial Exploitation in a Patchy Environment," Journal of Environmental Economics and Management, Elsevier, vol. 37(2), pages 129-150, March.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Lee Endress, 2013. "Sustainable Development and the Hawaii Clean Energy Initiative," Working Papers 2013-4, University of Hawaii Economic Research Organization, University of Hawaii at Manoa.

    More about this item

    Keywords

    Islands of sustainability; sustainable development; sustainability science; fisheries; forests;

    JEL classification:

    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery

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