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Sustainability : ethical foundations and economic properties

Author

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  • Asheim, Geir B.

Abstract

The author interprets development to be sustainable if it involves a nondecreasing quality of life. He introduces a concept of justice, and shows that a development path must be sustainable to prevent injustice. He argues, and illustrates through growth models, that altruism alone does not - even in the context of an economically efficient market economy - ensure sustainability. In particular, technologies with complementarity between manmade and natural capital represent cases where sustainability need not result. Thus, policies aimed at economic efficiency, such as internalizing external effects, need not generate sustainable development. The author argues that a positive interest rate is not inconsistent with sustainable development. He also maintains that, even in a perfect market economy, prices may not convey whether investments in manmade capital are sufficient to compensate for the depletion of natural capital. In particular, a non-negative market value of net investment is not sufficient for the present quality of life to be sustainable. Finally, he emphasizes that public policy aimed at sustainable development should strengthen the mechanisms for redistribution from the present to the future.

Suggested Citation

  • Asheim, Geir B., 1994. "Sustainability : ethical foundations and economic properties," Policy Research Working Paper Series 1302, The World Bank.
    • Handle: RePEc:wbk:wbrwps:1302
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    Citations

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    Cited by:

    1. Barrett, Christopher B., 1996. "Fairness, stewardship and sustainable development," Ecological Economics, Elsevier, vol. 19(1), pages 11-17, October.
    2. Robinson, James A. & Srinivasan, T.N., 1993. "Long-term consequences of population growth: Technological change, natural resources, and the environment," Handbook of Population and Family Economics, in: M. R. Rosenzweig & Stark, O. (ed.), Handbook of Population and Family Economics, edition 1, volume 1, chapter 21, pages 1175-1298, Elsevier.
    3. Eoin McLaughlin & Cristián Ducoing & Les Oxley, 2024. "Tracing Sustainability in the Long Run: Genuine Savings Estimates 1850–2018," NBER Chapters, in: Measuring and Accounting for Environmental Public Goods: A National Accounts Perspective, National Bureau of Economic Research, Inc.
    4. Pop, Izabela Luiza & Borza, Anca, 2015. "Sustainable Museums for Sustainable Development," MPRA Paper 68360, University Library of Munich, Germany.
    5. P. Padma & E. V. Ramasamy & T. V. Muralivallabhan & A. P. Thomas, 2018. "Changing Scenario of Household Consumption Pattern in Kerala: An Emerging Consumer State of India," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 135(2), pages 797-812, January.
    6. Withagen, C. A. A. M., 1996. "Sustainability and investment rules," Economics Letters, Elsevier, vol. 53(1), pages 1-6, October.
    7. Nicolai Abramovich & Alexandru Vasiliu, 2023. "Sustainability as fairness: A Rawlsian framework linking intergenerational equity and the sustainable development goals (SDGs) with business practices," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(3), pages 1328-1342, June.
    8. Ana-Maria Comandaru (Andrei) & Adriana Paduraru (Horaicu), 2021. "Harmonization Of Environmental Management Accounting - Tool For Managing Economic Reconfiguration," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 181-200, October.
    9. Anand, Sudhir & Sen, Amartya, 2000. "Human Development and Economic Sustainability," World Development, Elsevier, vol. 28(12), pages 2029-2049, December.

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