ABSTRACT
This chapter looks at economic thinking that has contributed to our understanding of the economics of sustainable development. Many of the conceptual and methodological issues concerning the analysis and measurement of sustainable development were first identified in Blueprint 1, and had an important influence on the academic and policy debates on incorporating sustainability as an economic goal. Blueprint 1 was one of the first attempts to provide a synthesis of a growing interest in economics with the concern of sustainable development. Well-functioning markets generally promote efficiency by providing opportunities for individuals to achieve mutually agreeable gains from trade. Most economic interpretations of sustainability take as their starting point the overall objective of sustainability as defined by the World Commission on Environment and Development. The value of natural capital could be measured in terms of its potential contribution to both present and future economic well-being.
