Arbeitspapier

Sustainability and Optimality in Economic Development: Theoretical Insights and Policy Prospects

This paper takes sustainability to be a matter of intergenerational welfare equality and examines whether an optimal development path can also be sustainable. It argues that the general “zero-net-aggregate-investment” condition for an optimal development path to be sustainable in the sense of the maximin criterion of intergenerational justice is too demanding to be practical, especially in the context of developing countries. The maximin criterion of sustainability may be more appealing to the rich advanced industrial countries, but is too costly and ethically unreasonable for developing nations as it would act as an intergenerational “poverty equalizer”. The paper suggests that a compromise development policy that follows the optimal growth approach but adopts certain measures to mitigate the intergenerational and intragenerational welfare inequalities may better serve these countries. Some of the principal elements of such a policy are highlighted.

Sprache
Englisch

Erschienen in
Series: Nota di Lavoro ; No. 89.2007

Klassifikation
Wirtschaft
Sustainable Development
Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
Planning Models; Planning Policy
Economic Development: Agriculture; Natural Resources; Energy; Environment; Other Primary Products
Externalities
Equity, Justice, Inequality, and Other Normative Criteria and Measurement
Thema
Sustainability
Intergenerational Equity
Optimality
Discounting
Development Policy
Nachhaltige Entwicklung
Generationenbeziehungen
Gerechtigkeit
Abzinsung

Ereignis
Geistige Schöpfung
(wer)
Farzin, Y. Hossein
Ereignis
Veröffentlichung
(wer)
Fondazione Eni Enrico Mattei (FEEM)
(wo)
Milano
(wann)
2007

Handle
Letzte Aktualisierung
10.03.2025, 11:42 MEZ

Datenpartner

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Objekttyp

  • Arbeitspapier

Beteiligte

  • Farzin, Y. Hossein
  • Fondazione Eni Enrico Mattei (FEEM)

Entstanden

  • 2007

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