sustainability

Daniel W. Bromley
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Abstract

Sustainability concerns the specification of a set of actions to be taken by present persons that will not diminish the prospects of future persons to enjoy levels of consumption, wealth, utility, or welfare comparable to those enjoyed by present persons. Sustainability grows out of a need for intertemporal ethical rules when one generation can determine the endowment of natural and constructed capital that will be passed on to all subsequent generations. Economic models of sustainability seek axiomatic guidance for the selection of rules regarding natural resource use. Ecologists approach sustainability from a related – though not identical – ethical stance.
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How to cite this article

Bromley, Daniel W. "sustainability." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 06 December 2016 <http://www.dictionaryofeconomics.com/article?id=pde2008_S000482> doi:10.1057/9780230226203.1656

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