The paper proposes two axioms that capture the idea of sustainable development and derives the welfare criterion that they imply. The axioms require that neither the present nor the future should play a dictatorial role. Theorem 1 shows there exist sustainable preferences, which satisfy these...

The goal of this paper is to provide a definition of the concept of sustainability with the level of rigor and clarity of neoclassical theory, based on two axioms that ensure equal treatment of the present and the future introduced by the author. We discuss applications to markets, business...

This article provides two axioms that capture the idea of sustainable development, and characterises the welfare criterion that they imply. It presents a formal theory of sustainable development, created by the author (Chichilnisky, 1996a, 1997). The axioms require that neither the present nor...

Energy security, economic development and averting global warming are conflicting objectives in a fossil fuel economy. In the long run, sustainable development requires a shift to renewable energy sources. In the short run it requires swift action (IPCC) and different strategies. The article...

Background is provided on the nature of environmental and resource economics and its origins. The main current view of environmental/resource economists about the concept of sustainable development is outlined and the implications of this view for decision-making about optimal resource-use,...

Several different concepts of sustainable development exist in the literature (Tisdell, 1993, Ch. 9). However, it seems that no matter which of these concepts is adopted conservation of biological diversity is necessary for its achievement, even though there is room for argument •about the...