Journal
ECONOMICS LETTERS
Volume 79, Issue 3, Pages 339-343Publisher
ELSEVIER SCIENCE SA
DOI: 10.1016/S0165-1765(03)00036-3
Keywords
sustainability; sustainable development; intergenerational equity; Kaldor-Hicks criterion; environmental quality
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Economists have confined the concept of 'sustainability' to intertemporal distributional equity. We propose a broader definition, combining dynamic efficiency and intergenerational equity, and relate it to two concepts from neoclassical economics: potential Pareto-improvements and inter-personal compensation. (C) 2003 Elsevier Science B.V. All rights reserved.
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