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Neoclassical Natural Capital Theory and "Weak" Indicators for Sustainability

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  • Sylvie Faucheux
  • Eliot Muir
  • SMartin O'Connor

Abstract

We appraise neoclassical theory of growth with natural capital for the estimation of indicators for sustainability. Relationships between four theoretically distinct measures are clarified: Hicksian "change in capital stock value"; the Hartwick "net savings" (which excludes capital gains); "sustainable national income" (SNI); and "environmentally-adjusted net national product" (gNNP). An overlapping generations (OLG) general equilibrium model with depletable natural capital demonstrates the significance of model parameters determining technical feasibility and intertemporal distribution of consumption. Irremediable uncertainties in model specification and empirical measurement mean that the neoclassical theory is not robust for defining or estimating indicators for sustainability.

Suggested Citation

  • Sylvie Faucheux & Eliot Muir & SMartin O'Connor, 1997. "Neoclassical Natural Capital Theory and "Weak" Indicators for Sustainability," Land Economics, University of Wisconsin Press, vol. 73(4), pages 528-552.
    • Handle: RePEc:uwp:landec:v:73:y:1997:i:4:p:528-552
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    Cited by:

    1. Sylvie Faucheux & Isabelle Nicolaï, 1998. "Les firmes face au développement durable : changement technologique et gouvernance au sein de la dynamique industrielle," Post-Print hal-01799265, HAL.
    2. Schiller, Frank, 2009. "Linking material and energy flow analyses and social theory," Ecological Economics, Elsevier, vol. 68(6), pages 1676-1686, April.
    3. Alfred Endres & Volker Radke, 1999. "Land use, biodiversity, and sustainability," Journal of Economics, Springer, vol. 70(1), pages 1-16, February.
    4. Chiesura, Anna & de Groot, Rudolf, 2003. "Critical natural capital: a socio-cultural perspective," Ecological Economics, Elsevier, vol. 44(2-3), pages 219-231, March.

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