Podcast
Questions and Answers
Which author is known for discussing the intergenerational equity aspect in sustainability?
Which author is known for discussing the intergenerational equity aspect in sustainability?
What does the Hartwick rule suggest regarding natural resource rents?
What does the Hartwick rule suggest regarding natural resource rents?
Which of the following is an example of a country following the Hartwick rule?
Which of the following is an example of a country following the Hartwick rule?
What is a key assumption of weak sustainability regarding different forms of capital?
What is a key assumption of weak sustainability regarding different forms of capital?
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What principle supports the idea that scarcity drives relative prices in a market economy?
What principle supports the idea that scarcity drives relative prices in a market economy?
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Which of the following is NOT an example of a country investing resource rents for future benefit?
Which of the following is NOT an example of a country investing resource rents for future benefit?
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What question reflects a critical view of the belief that new technologies can always provide alternatives to scarce resources?
What question reflects a critical view of the belief that new technologies can always provide alternatives to scarce resources?
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Based on weak sustainability, which statement is considered true?
Based on weak sustainability, which statement is considered true?
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What distinguishes a strong sustainability approach from a weak sustainability approach?
What distinguishes a strong sustainability approach from a weak sustainability approach?
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In the 'Triple Depreciation Line' approach to corporate accounting, how is capital valuation determined?
In the 'Triple Depreciation Line' approach to corporate accounting, how is capital valuation determined?
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What is a key criticism of the Sustainable Development Goals (SDGs)?
What is a key criticism of the Sustainable Development Goals (SDGs)?
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What does the strong sustainability approach imply about the interrelation of different forms of capital?
What does the strong sustainability approach imply about the interrelation of different forms of capital?
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What hallmark feature does the strong sustainability approach eschew compared to traditional capital valuation methods?
What hallmark feature does the strong sustainability approach eschew compared to traditional capital valuation methods?
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Which statement accurately represents a potential drawback of a broad set of sustainability goals?
Which statement accurately represents a potential drawback of a broad set of sustainability goals?
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Why is the concept of 'Triple Depreciation Line' considered a departure from contemporary financial norms?
Why is the concept of 'Triple Depreciation Line' considered a departure from contemporary financial norms?
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What might be a reason for observers to label some SDGs as contradictory?
What might be a reason for observers to label some SDGs as contradictory?
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What distinguishes strong sustainability from weak sustainability?
What distinguishes strong sustainability from weak sustainability?
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Which of the following best represents the principle of weak sustainability?
Which of the following best represents the principle of weak sustainability?
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What is a key feature of very strong sustainability?
What is a key feature of very strong sustainability?
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Which approach is more likely to use monetary measures for sustainability indicators?
Which approach is more likely to use monetary measures for sustainability indicators?
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In the context of sustainable development, what is meant by 'non-declining per capita utility'?
In the context of sustainable development, what is meant by 'non-declining per capita utility'?
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What is the outcome of the mainstream economic view on sustainable development?
What is the outcome of the mainstream economic view on sustainable development?
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How do definitions of weak and strong sustainability vary among authors?
How do definitions of weak and strong sustainability vary among authors?
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Which statement best defines the concept of weak sustainability?
Which statement best defines the concept of weak sustainability?
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Study Notes
Topics in Economics and Environment (Jour)
- The course is offered by IHEC Brussels Management School in the academic year 2024-2025.
- The instructor is Philippe Roman.
What is a Sustainable Economy?
- The lecture discusses the concept, definition and history of a sustainable economy.
- The presentation has included charts showing the occurrence of the word 'sustainability' in English books and 'durable' related terms in the French language between 1900 and 2012.
- Key moments in the history of sustainability are identified, like the 1972 United Nations Conference on the Environment, Stockholm (1972), the 1992 Earth Summit, Rio de Janeiro, and the 1987 Brundtland Report ("Our Common Future"), as milestones in the development of sustainability concepts.
Relationships between Economic Systems and Socioecological Systems
- Economic policies for the environment are discussed to assess the efficacy of current policies.
- The relationships between economic systems and socioecological systems are analysed, highlighting concepts of how economic systems interact with the environment, relationships between economic systems and socioecological systems.
- Key concepts, theories, indicators and assessment tools are put into practice in the context of eco(nomic)-eco(logical) nexus.
- Sustainability principles and metrics to sustainable practices are analysed.
Diversity of criteria
- This section discusses various criteria for evaluating sustainability.
A Polysemic Concept
- The lecture points out that the concept of sustainability is multi-faceted.
- It is based on hundreds of definitions and understandings of the concept.
- The basic idea of sustainability is to maintain, sustain, prolong, and ensure the continuity of economic and social life.
- This section asks broad fundamental questions about sustainability: What constitutes sustainable development? What are the aspects of well-being to consider? What is the meaning of living standards? Is wealth a critical aspect? What about consumption?
The Brundtland Report
- The report "Our Common Future" from 1987 defined sustainable development as "development that meets the needs of the present without compromising the ability of future generations to meet their own needs."
Sustainable Development: "Official" View
- The Brundtland Report defines sustainable development: "development that meets the needs of the present without compromising the ability of future generations to meet their own needs."
- It consists of two key concepts
- the concept of the needs of people, especially those in poverty
- the idea of limits imposed by the state of technology and social conditions on the environment's ability to meet present and future needs.
Sustainable Development: The "Economic" View
- The mainstream economic view on sustainable development is based on the concept of non-declining per capita utility over time.
- The maintenance of capital assets across the economy is a pivotal aspect.
Sustainability Approaches and Indicators
- Mainstream approaches tend to value capital assets using monetary measures.
- Ecological economists look at factors like energy and physical-based measures.
What Condition for Sustainability?
- Solow very weak sustainability is based on the condition that the ratio of capital (ΔK) divided by population (pop) should at least equal zero, including capital (K) in all its forms.
- The weak sustainability condition, according to Godard, is focused only on the aggregate capital stock, which may be measured in monetary terms.
- Strong sustainability requires that all forms of capital be protected.
Adjusted Net Savings
- Adjusted net savings are an indicator of sustainability, as worked out by the World Bank, and based on capital theory.
- Used to make a sustainability assessment of economic behaviour and development
Indicators of Weak Sustainability
- This aspect of sustainability indicators focuses on capital stocks.
- Main indicators typically use monetary values to assess the stock of capital.
The "Natural Capital" Movement
- The Natural Capital Coalition tries to show that preserving natural capital is beneficial for economic sustainability and resilience (in the medium and long terms).
- Natural capital has been increasingly recognised as a crucial component of financial and economic decisions
Valuing Natural Capital
- Methods for evaluating natural capital are provided.
The Great Debate
- The material presents some debates about the value of natural capital and how to measure it.
- This aspect discusses a critical debate on the Natural Capital concept.
Strong Sustainability: Principles
- Ecological and thermodynamic analyses are important for understanding this aspect
- There is general agreement that certain natural capital aspects are irreplaceable.
- Unlimited growth is considered unsustainable.
Indicators of Strong Sustainability
- Different indicators are used to assess strong sustainability, including the energetic approach.
Material Flows Accounting
- Analysis of the relationship between Material Flow Accounts and Economic indicators is presented.
Critical Natural Capital and Sustainability Gaps
- The presentation shows some data for the Netherlands, using diverse sustainability metrics.
The "Boundaries" Approach
- A framework for analysing the interplay between social and ecological aspects of sustainable development is introduced.
Implementing Strong Sustainability: Some Examples
- Case studies from different parts of the world are presented where sustainability measures could be deployed.
The Sustainable Development Goals:
- The Sustainable Development Goals (SDGs) are a core part of the presentation.
- The different dimensions of the SDGs (humankind, planet, prosperity, peace and partnership) are explained.
- Critiques on the coherence within the SDGs' variety of goals are reviewed.
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Description
Test your knowledge on the principles of sustainability, including intergenerational equity, the Hartwick rule, and the nuances of strong versus weak sustainability. Explore key assumptions, pricing principles, and criticisms surrounding sustainable development frameworks. Ideal for students and enthusiasts of environmental economics.
