On sustainability and social welfare

This paper proposes to define sustainability in terms of leaving it possible for future generations to sustain certain defined targets. It is shown that variants of genuine savings and the ecological footprint can then serve as indicators of sustainability. The link between sustainability and intergenerational welfare is examined, and it is shown how to incorporate indicators of sustainability into a social welfare measure, including risk in the analysis. (C) 2015 Elsevier Inc. All rights reserved.