Interpreting Sustainability

Sustainability is an important, influential but elusive concept. I review concepts related to sustainability in earlier literature, and then summarize and synthesize recent work on sustainablity by Chichilnisky (1993), Beltratti, Chichilnisky and Heal (1994) and Heal (1993). This provides a basis for formalizing the concept and operationalizing it via shadow prices and associated accounting practices.

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