Valuing the Future: Economic Theory and Sustainability

The sustainable management of the biosphere has recently been the subject of much attention among ecologists, environmental engineers, and other members of the scientific community. Yet, although these issues are clearly rooted in economic behavior and organization, economists have not directly addressed the question of sustainability. Now, with Valuing the Future, economist Geoffrey Heal presents a coherent framework for understanding the Earth's future from an economic perspective. Valuing the Future offers a dynamic new blueprint for comprehending sustainability. Chapters provide complete mathematical templates for valuing a depletable stock and renewable resources, properly calculating national income, and analyzing cost versus benefit. This book will be of great value to economic theorists, environmental economists, and policy-makers, and will provide a powerful new model for scientists concerned with environmental sustainability.