Journal ArticleDOI
Natural Capital and Sustainable Development
Robert Costanza,Herman E. Daly +1 more
TLDR
In this paper, a minimum necessary condition for sustainability is the maintenance of the total natural capital stock at or above the current level, to be relaxed only when solid evidence can be offered that it is safe to do so.Abstract:
A minimum necessary condition for sustainability is the maintenance of the total natural capital stock at or above the current level. While a lower stock of natural capital may be sustainable, society can allow no further decline in natural capital given the large uncertainty and the dire consequences of guessing wrong. This “constancy of total natural capital” rule can thus be seen as a prudent minimum condition for assuring sustainability, to be relaxed only when solid evidence can be offered that it is safe to do so.
We discuss methodological issues concerning the degree of substitutability of manufactured for natural capital, quantifying ecosystem services and natural capital, and the role of the discount rate in valuing natural capital. We differentiate the concepts of growth (material increase in size) and development (improvement in organization without size change). Given these definitions, growth cannot the sustainable indefinitely on a finite planet. Development may be sustainable, but even this aspect of change may have some limits. One problem is that current measures of economic well-being at the macro level (i.e., the Gross National Product) measure mainly growth, or at best conflate growth and development. This urgently requires revision.
Finally, we suggest some principles of sustainable development and describe why maintaining natural capital stocks is a prudent and achievable policy for insuring sustainable development. There is disagreement between technological optimists (who see technical progress as eliminating all resource constraints to growth and development) and technological skeptics (who do not see as much scope for this approach and fear irreversible use of resources and damage to natural capital). By maintaining natural capital stocks (preferably by using a natural capital depletion tax), we can satisfy both the skeptics (since resources will be conserved for future generations) and the optimists (since this will raise the price of natural capital depletion and more rapidly induce the technical change they predict).read more
Citations
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Journal ArticleDOI
The value of the world's ecosystem services and natural capital
Robert Costanza,Rudolf de Groot,Stephen Farberk,Monica Grasso,Bruce Hannon,Karin E. Limburg,Shahid Naeem,José M. Paruelo,Robert Raskin,Paul Suttonkk,Marjan van den Belt +10 more
TL;DR: In this paper, the authors have estimated the current economic value of 17 ecosystem services for 16 biomes, based on published studies and a few original calculations, for the entire biosphere, the value (most of which is outside the market) is estimated to be in the range of US$16-54 trillion (10^(12)) per year, with an average of US $33 trillion per year.
Journal ArticleDOI
Shifting Paradigms for Sustainable Development: Implications for Management Theory and Research
TL;DR: A more fruitful integrative paradigm of "sustaincentrism" is then articulated, and implications for organizational science are generated as if sustainability, extended community, and our Academy mattered as discussed by the authors.
Journal ArticleDOI
Twenty years of ecosystem services: How far have we come and how far do we still need to go?
Robert Costanza,Rudolph de Groot,Leon Braat,Ida Kubiszewski,Lorenzo Fioramonti,Paul C. Sutton,Stephen Farber,Monica Grasso +7 more
TL;DR: In this paper, the authors trace the history leading up to these publications and the subsequent debates, research, institutions, policies, on-the-ground actions, and controversies they triggered.
Journal ArticleDOI
The history of ecosystem services in economic theory and practice: From early notions to markets and payment schemes
TL;DR: This paper reviewed the historic development of the conceptualization of ecosystem services and examined critical landmarks in economic theory and practice with regard to the incorporation of ecosystem service into markets and payment schemes, concluding that the trend towards monetization and commodification of ecosystems is partly the result of a slow move from the original economic conception of nature's benefits as use values in Classical economics to their conceptualization in terms of exchange values in Neoclassical economics.
References
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Book
Economics of Natural Resources and the Environment
David Pearce,R. Kerry Turner +1 more
TL;DR: In this article, the economics of pollution and optimal depletion rates for natural resources are discussed, and a comprehensive and popular textbook for undergraduate students of environmental economics is presented. The book deals fully with the orthodox theorems of the economics, and also appeals to geographers and environmentalists.
Book
For The Common Good: Redirecting The Economy Towards Community, The Environment And A Sustainable Future
TL;DR: In this article, the authors argue that the scale of human activity in the biosphere has grown too large and that change is needed in the approach to economic activity: "correction and expansion a more empirical and historical attitude less pretense on being science and willingness to subordinate the market to purposes that it is not geared to determine."
Book
Ecological Economics: The Science and Management of Sustainability
TL;DR: In this article, an interdisciplinary approach to the understanding and management of the ecology and sustainable economics on local, regional and global scales is presented, including the modelling of ecological economics systems and the institutional changes required.
Book ChapterDOI
Is growth obsolete
William D. Nordhaus,James Tobin +1 more
TL;DR: In this paper, the authors propose a primitive and experimental measure of economic welfare, in which they attempt to allow for the more obvious discrepancies between Gross national product (GNP) and economic welfare.
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