A bioeconomic approach to sustainability with ecological thresholds as an operational indicator

We suggest that sustainability can be defined on the basis of intergenerational efficiency once the welfare potentials of future generations are explicitly taken into account. The present paper argues that Sustainable Development is the kind of economic process that ensures the environmental prerequisites for intergenerational welfare efficiency. This paper focuses on the dependency of intergenerational efficiency on natural (biological-ecological) capital. The application of the efficiency criterion in the intergenerational context requires the preservation of the biological integrity of ecosystems. In order to make this idea operational, we suggest the preservation of key biological - ecological thresholds. These thresholds represent an operational, measurable entity inspired by contemporary trends in biological conservation, offering key indicators in design sustainability policies.