Economics and “Sustainability”: Balancing Trade-offs and Imperatives
Author(s)
Toman, Michael A.
Abstract
The discussion of sustainability has been hampered by uncertainty and lack of uniformity regarding the meaning of the term itself. This paper seeks to identify some common ground among economists, ecologists, and environmental ethicists. Central issues include the requirements for intergenerational equity and the degree of substitutability between natural capital and other forms of capital. The concept of “safe minimum standard,” which has been recognized in the ecology, philosophy, and economics literatures, is suggested as a defining principle.
