ABSTRACT
The chapter clarifies the concept of sustainability, or the sustainable use, of critically limiting environmental and natural resources across generations. Three alternative conceptual approaches to sustainable development are presented; the neoclassical or weak sustainability approach, the ecological or strong sustainability approach, and the safe minimum standard approach. The three approaches share certain elements, including (1) a tacit recognition of biophysical limits to economic growth, (2) a requirement of non-declining capital stock (both natural and human-made capital), and (3) a commitment to intergenerational equity. The three approaches also differ significantly in treating natural capital and human-made capital as either substitutes or complements, as well as the degree and scope of attention given to intergenerational equity. The chapter argues that in an ideal world the non-declining capital requirement would be set at a level at which future generations would be left no worse off than current generations. The chapter also discusses specific operational ‘rules’ that apply to each of the three sustainability approaches, e.g. the link between the precautionary principle and the safe minimum standard approach. These operational rules have important policy implications as explored in the chapter.
