The economics of sustainability in the context of climate change: An overview |
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| Authors: | Ross Guest |
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| Affiliation: | 1. Wageningen University and Research Centre, Alterra, P.O. Box 47, 6700 AA Wageningen, The Netherlands;2. Imperial College London, South Kensington Campus, London SW7 2AZ, UK;3. Wageningen University and Research Centre, Team ESS (Earth System Science-Climate Change), P.O. Box 47, 6700 AA Wageningen, The Netherlands;4. Deltares, P.O. Box 177, 2600 MH Delft, The Netherlands;5. Utrecht University, Department of Geosciences, P.O. Box 80115, 3508 TC Utrecht, The Netherlands;6. Twente University, Department of Water Engineering & Management, P.O. Box 217, 7500 AE Enschede, The Netherlands;7. Delft University of Technology, Faculty of Technology, Policy and Management, P.O. Box 5015, 2600 GA Delft, The Netherlands;1. Management Department, College of Business, University of Houston Clear Lake, USA;2. Accounting Department, School of Business, American University in Cairo, Egypt;1. Department of Economics and Legal Studies, University of Naples “Parthenope”, Via Generale Parisi, 13, 800133 Naples, Italy;2. Departmen of Philosophical, Pedagogical and Economic-Quantitative Sciences, University “G. d’Annunzio” Chieti-Pescara, viale Pindaro, 42, 65127 Pescara, Italy;3. Department of Economics and Social Sciences, Università Politecnica delle Marche, Piazzale Martelli, 8, 60121 Ancona, Italy;4. Department of Political Science, University of Naples Federico II, Via Leopoldo Rodinò, 22, 80138 Naples, Italy;1. Accountancy Discipline, University of Aberdeen Business School, Aberdeen, Scotland;2. Department of Accounting, Auckland University of Technology, Auckland, New Zealand;1. International Monetary Fund, Washington, DC, USA;2. University of California, Davis, USA;1. Department of Operations, EBS University of Business and Law, Burgstraße 5, D-65375 Oestrich-Winkel, Germany;2. Department of Management and Marketing, School of Business Administration, The University of Montana, 32 Campus Drive, Missoula, MT 59812, USA;3. Department of Management and Economics, EBS University of Business and Law, Wiesbaden, Germany |
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| Abstract: | The emerging field of sustainable business has its roots in both science and economics—in particular the fields of environmental science and the economics of sustainability. This article provides an overview to the latter field with application to environmental damage due to climate change. The aim is to provide an economic context for the papers in this special issue. The article outlines four essential elements in what has become a vast literature in the economics of sustainability in the context of climate change. First is the dilemma in valuing the distant future which concerns the vexed issue of discounting outcomes that are expected to occur over a very long time horizon. The second is the related characteristics of uncertainty and irreversibility that create an option value in taking action. The third element is the peculiarities of natural capital (arising from the natural environment) compared with reproducible capital (things we make that are used to produce goods and services). The post-neoclassical notions of social capital and knowledge capital are also briefly mentioned. The fourth element is how to manage the global “commons”, the prime example of which is the climate. This article is written for the general business reader with an understanding of basic economic concepts and therefore avoids mathematics. References to more technical treatments are provided. |
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