Sustainable Economic Development
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Vocabulary flashcards based on the lecture notes on Sustainable Economic Development and William Nordhaus.
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12 Terms
William Nordhaus
Professor of Economics at Yale University and joint recipient of the 2018 Nobel Award in Economics who was the first to develop quantitative models of the global economic climate system.
Global Scheme of Carbon Taxes
According to William Nordhaus's research, the most efficient remedy for greenhouse gas emissions.
World Commission of Environment and Development (1987)
The commission whose 1987 report brought the concept of sustainable development into prominence.
Sustainable Development
Development that meets the needs of the present generation without compromising the ability of future generations to meet their own needs.
Sustainable Human Development
A form of development addressing both inter-generational and intra-generational equity, enabling all generations to make the best use of their potential capabilities.
Primary Goal of Sustainable Development
To achieve a sustainable increase in per capita income and a reasonable and equitably distributed level of economic well-being that can be maintained continuously for many human generations.
Necessary Condition for Sustainable Development
The requirement that the stock of overall capital assets remains constant or rises over time.
Natural Capital
Stock of natural resources and environment such as mineral resources, oil stock, ocean fisheries stock, forest reserves, and the quality of air, water, and soil.
Physical Capital
Capital assets such as plants, machine tools, equipments, factories, and infrastructure such as power and transport.
Human Capital
Capital assets such as education, skills, knowledge, and technical advancement.
Overall Capital Asset
The sum total of natural capital, physical capital, and human capital.
Strict Sense Condition for Sustainable Development
Taking a constant stock of natural resources and environmental quality as the necessary condition for achieving sustainable development.