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Ecological Sustainability

In: Asia-Pacific Transitions

Author

Listed:
  • Finn R. Førsund

Abstract

The popularized version of sustainable development above is, of course, too vague for practical policy purposes, and also difficult to give a precise theoretical interpretation. Economic interpretations are usually based on a Hicksian concept of sustainable income, with a sharp distinction between income used for consumption as a flow concept, and capital, as a basis for income, as a stock concept (Hicks 1946). Consumption is sustainable if the stock of capital is left intact. This leads us to the general economic definition of sustainability as a non-decreasing consumption path over time.

Suggested Citation

  • Finn R. Førsund, 2001. "Ecological Sustainability," Palgrave Macmillan Books, in: David E. Andersson & Jessie P. H. Poon (ed.), Asia-Pacific Transitions, chapter 9, pages 115-123, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-0-230-62845-8_9
    DOI: 10.1057/9780230628458_9
    as

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