Natural Capital and Sustainable Development
Tóm tắt
We discuss methodological issues concerning the degree of substitutability of manufactured for natural capital, quantifying ecosystem services and natural capital, and the role of the discount rate in valuing natural capital. We differentiate the concepts of growth (material increase in size) and development (improvement in organization without size change). Given these definitions, growth cannot the sustainable indefinitely on a finite planet. Development may be sustainable, but even this aspect of change may have some limits. One problem is that current measures of economic well‐being at the macro level (i.e., the Gross National Product) measure mainly growth, or at best conflate growth and development. This urgently requires revision.
Finally, we suggest some principles of sustainable development and describe why maintaining natural capital stocks is a prudent and achievable policy for insuring sustainable development. There is disagreement between technological optimists (who see technical progress as eliminating all resource constraints to growth and development) and technological skeptics (who do not see as much scope for this approach and fear irreversible use of resources and damage to natural capital). By maintaining natural capital stocks (preferably by using a natural capital depletion tax), we can satisfy both the skeptics (since resources will be conserved for future generations) and the optimists (since this will raise the price of natural capital depletion and more rapidly induce the technical change they predict).
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