Sustainable Development Concepts: An Economic Analysis

摘要

The paper attempts to analyze sustainability concepts, such as sustainable growth, sustainable development and sustainable resource use, in terms of the conventional neoclassical theory of economics. It then tries to analyze why free market forces may not achieve sustainability, and how policy intervention may help or hinder sustainability. Several different definitions of sustainability are reviewed. Most require that the 'quality of life' should not decline over the long-term future. Many can also be interpreted in terms of maintaining an economy's capital stock. However, a relevant definition of capital stock still has to be chosen, and this means judging how significant, essential or substitutable are the various natural and man-made resource inputs to the economy's production processes.