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Wealth and sustainable development: the role of David Pearce

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  • Karl-Göran Mäler

Abstract

Green net national product was thought to be one way of measuring sustainable income. However, David Pearce understood that a better measure of sustainable development was to look at what a generation is leaving in form of capital assets to later generations. In this article, his arguments and insights are highlighted against recent theoretical advances. Copyright Springer Science+Business Media, Inc. 2007

Suggested Citation

  • Karl-Göran Mäler, 2007. "Wealth and sustainable development: the role of David Pearce," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 37(1), pages 63-75, May.
    • Handle: RePEc:kap:enreec:v:37:y:2007:i:1:p:63-75
    DOI: 10.1007/s10640-007-9111-x
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    References listed on IDEAS

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    1. Vangelis Tzouvelekas & Dimitra Vouvaki & Anastasios Xepapadeas, 2006. "Total Factor Productivity Growth and the Environment: A Case for Green Growth Accounting," Working Papers 0617, University of Crete, Department of Economics.
    2. A. Markandya, 1998. "The conditions for achieving environmentally sustainable development," Chapters, in: The Economics of Environment and Development, chapter 3, pages 43-53, Edward Elgar Publishing.
    3. Pearce, David W. & Atkinson, Giles D., 1993. "Capital theory and the measurement of sustainable development: an indicator of "weak" sustainability," Ecological Economics, Elsevier, vol. 8(2), pages 103-108, October.
    4. Kenneth Arrow & Partha Dasgupta & Karl-Göran Mäler, 2003. "Evaluating Projects and Assessing Sustainable Development in Imperfect Economies," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 26(4), pages 647-685, December.
    5. World Commission on Environment and Development,, 1987. "Our Common Future," OUP Catalogue, Oxford University Press, number 9780192820808.
    6. K. G. Mäler & J. R. Vincent (ed.), 2005. "Handbook of Environmental Economics," Handbook of Environmental Economics, Elsevier, edition 1, volume 3, number 3.
    7. Martin L. Weitzman, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 90(1), pages 156-162.
    8. Anil Markandya & Suzette Pedroso-Galinato, 2007. "How substitutable is natural capital?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 37(1), pages 297-312, May.
    9. Dasgupta, Partha & Mäler, Karl-Göran, 2000. "Net national product, wealth, and social well-being," Environment and Development Economics, Cambridge University Press, vol. 5(1), pages 69-93, February.
    10. F. A. Lutz, 1961. "The Theory of Capital," International Economic Association Series, Palgrave Macmillan, number 978-1-349-08452-4 edited by D. C. Hague, December.
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    Cited by:

    1. Engelbrecht, Hans-Jürgen, 2009. "Natural capital, subjective well-being, and the new welfare economics of sustainability: Some evidence from cross-country regressions," Ecological Economics, Elsevier, vol. 69(2), pages 380-388, December.
    2. Gnègnè, Yacouba, 2009. "Adjusted net saving and welfare change," Ecological Economics, Elsevier, vol. 68(4), pages 1127-1139, February.
    3. Kumar, Surender, 2013. "Comprehensive wealth and sustainable development in India," MPRA Paper 43809, University Library of Munich, Germany.
    4. Frank Convery, 2007. "Making a difference — how environmental economists can influence the policy process — a case study of David W Pearce," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 37(1), pages 7-32, May.

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