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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
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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.
    2. Gennady Shkliarevsky, 2015. "Squaring the Circle: In Quest for Sustainability," Systems Research and Behavioral Science, Wiley Blackwell, vol. 32(6), pages 629-645, November.

    More about this item

    Keywords

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    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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