Weak and strong sustainability

Abstract

Sustainable development requires economic development without endangering biodiversity, without exploiting natural resources too fast and without excessive pollution. The question is if these aims can be realized at the same time and what are the options for substitution between different types of capital. The difference between the notions of weak and strong sustainability revolves around the issue of substitutability, from a technical/physical point of view, as well as from ethical considerations. In this contribution, an overview is given of the relevant aspects in this matter. Attention is paid to standard theories of economic growth, including natural resources and the substitutability between natural resources and human-engineered capital. Also pollution is taken into account. In addition to the growth model with exogenous technical progress, also endogenous growth theory and its linkage to the sustainability debate is considered.