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The Yin and yang of Sustainable Development: A Case for Win-Win Environmentalism

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  • James A. Roumasset

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

  • Lee Endress

    (Department of Economics, University of Hawaii at Manoa)

Abstract

The disadvantages of treating sustainability as a constraint on welfare maximization are noted. Our proposed alternative incorporates inter‐generational equity by setting the utility discount rate equal to zero. This leads to a condition of increasing consumption towards a Golden Rule steady state by accumulating produced capital to more than offset the decline in natural capital. This rule is integrated with the standard conditions for efficient management of pollution and depletion of natural resources.
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Suggested Citation

  • James A. Roumasset & Lee Endress, 1996. "The Yin and yang of Sustainable Development: A Case for Win-Win Environmentalism," Working Papers 199604, University of Hawaii at Manoa, Department of Economics.
    • Handle: RePEc:hai:wpaper:199604
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    File URL: http://www.economics.hawaii.edu/research/workingpapers/88-98/WP_96-4.pdf
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    References listed on IDEAS

    as
    1. Heal, Geoffrey M., 1993. "The optimal use of exhaustible resources," Handbook of Natural Resource and Energy Economics,in: A. V. Kneese† & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 3, chapter 18, pages 855-880 Elsevier.
    2. Endress, Lee H & Roumasset, James A, 1994. "Golden Rules for Sustainable Resource Management," The Economic Record, The Economic Society of Australia, vol. 70(210), pages 267-277, September.
    3. Epple, Dennis & Londregan, John, 1993. "Strategies for modeling exhaustible resource," Handbook of Natural Resource and Energy Economics,in: A. V. Kneese† & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 3, chapter 22, pages 1077-1107 Elsevier.
    4. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, vol. 67(5), pages 972-974, December.
    5. Hartwick, John M., 1978. "Investing returns from depleting renewable resource stocks and intergenerational equity," Economics Letters, Elsevier, vol. 1(1), pages 85-88.
    6. Roumasset, James A. & Smith, Kirk R., 1990. "Exposure trading: An approach to more efficient air pollution control," Journal of Environmental Economics and Management, Elsevier, vol. 18(3), pages 276-291, May.
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    Cited by:

    1. 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.
    2. Majah-Leah Ravago & James Roumasset & Kimberly Burnett, 2008. "Resource management for Sustainable Development of Island Economies," Working Papers 200804, University of Hawaii at Manoa, Department of Economics.
    3. Majah-Leah Ravago & James Roumasset, 2016. "The Public Economics of Electricity Policy with Philippine Applications," Working Papers 201613, University of Hawaii at Manoa, Department of Economics.

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