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Whither economics? From optimality to sustainability?

Published online by Cambridge University Press:  30 March 2001

PETER BARTELMUS
PETER BARTELMUS
Affiliation:
Environment, Energy and Industry Statistics Branch, United Nations Statistics Division, Room DC2-1650, New York, NY 10017, USA
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Abstract

Environment and economy interact. Most economists and economic policy makers have tended to neglect this interaction as 'external' to mainstream market economics. The question is whether environmental externalities have reached a level where they overwhelm optimality and efficiency in resource allocation. Sustainability in growth and development has been advanced as a criterion for dealing with the social costs of environmental impacts. The article examines how this criterion can be operationalized for assessing the significance of environmental concerns in economic analysis and policy. Indicators of economic and ecological sustainability are defined and compiled for selected countries. Based on these indicators, operational paradigms of 'eco-nomics' and 'sustainable development' are advanced.

Type
POLICY OPTIONS
Information
Environment and Development Economics , Volume 2 , Issue 3 , July 1997 , pp. 323 - 345
Copyright
© 1997 Cambridge University Press

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Footnotes

The author is a staff member of the United Nations Statistics Division (UNSD). The views expressed here are his own and not necessarily those of the United Nations. The Index of Material/Energy Intensity (IMEI) was compiled by Donald Shih, Officer-in-charge of the Environment Statistics Section of UNSD; the figures and tables were prepared with the assistance of Kathleen Suite, Statistics Assistant. The extensive comments and suggestions of three (anonymous) reviewers helped to streamline the paper and are gratefully acknowledged.