Economic Analysis of Sustainability

Abstract

In the period since the Brundtland Commission’s report (Our Common Future), the concept of sustainable development has been interpreted in many different ways. I will here limit myself to discussing what the concept entails with respect to our generation’s obligations towards future generations. This does not rule out that it might be fruitful to ascribe to the concept a broader meaning; for example, that sustainable development entails obligations for rich countries to assist people living today under less fortunate conditions in other parts of the world. My limitation is due to the fact that sustainability interpreted as intergenerational justice — justice between the present and future generations — is a wide-ranging topic. It in no way reflects a view that intragenerational justice — justice within the present generation — is of less importance.