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Some Links between Sustainability and Well-Being

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  • Mubashir Qasim

    () (University of Waikato)

Abstract

Sustainability aims to ensure that people live their lives without compromising the well-being of future generations. Increasing well-being by providing more goods and services to consume is a sustainability challenge. There are two opposing schools of thought on the consumption of natural resources: strong sustainability and weak sustainability. Proponents of strong sustainability emphasize the preservation of natural capital in each period because they argue that it cannot be replaced with any other type of capital. By contrast, weak sustainability scholars argue that natural resource can be consumed to build other forms of capital in which case sustainability requires that the aggregated monetised value of all capital stocks is non-declining or preferably increasing over the time. In this paper, we propose to adopt a balanced approach instead of taking either of these extreme positions where critical natural capital (CNC) limits are defined by strong sustainability and, within that limit, substitutability between various types of capital is allowed for economic efficiency and growth in total wealth. In such frameworks, weak sustainability indicates the minimum sustainability requirement for an economy in which all types of capitals are substitutable under the limits of CNC.

Suggested Citation

  • Mubashir Qasim, 2018. "Some Links between Sustainability and Well-Being," Working Papers in Economics 18/13, University of Waikato.
  • Handle: RePEc:wai:econwp:18/13
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    Cited by:

    1. Mubashir Qasim, 2019. "Sustainability and Wellbeing: A Text Analysis of New Zealand Parliamentary Debates, Official Yearbooks and Ministerial Documents," Working Papers in Economics 19/01, University of Waikato.

    More about this item

    Keywords

    sustainable development; weak sustainability; strong sustainability; intergenerational well-being;

    JEL classification:

    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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