From Social Costing to Sustainable Development: Beyond the Economic Paradigm
1994Recent years have been characterized by a major transition in public policy regarding economics, the environment, and human well-being—particularly, the application of economic principles to environmental policy and the insertion of ecological principles into economic affairs. This article explores the evolutionary character of this transition and the contention in which it is often embroiled, such as debates over externalities valuation, discounting, and monetization. It then describes the PoleStar project and how it addresses the complex social, economic, and ecological interactions that will underpin human development in the twenty-first century.
Originally published in Olav Homeyer and Richard Ottinger, eds., Social Costs of Energy: Present Status and Future Trends (New York: Springer, 1994), 373-404.