TOTAL CAPITAL EFFICIENCY: AN ECONOMIC THEORY OF SUSTAINABLE DEVELOPMENT
Journal Title: European Journal of Business and Social Sciences - Year 2015, Vol 3, Issue 11
Abstract
The emerging discipline of sustainability management is subject to a number of critiques. These range from challenges to its ideological alignment with different conceptions of sustainable development, to skepticism about the significance of its economic value add. This essay takes the view that at their core these critiques stem from deep and unresolved conceptual challenges in the relationship between economic science and sustainable development discourse. The essay reviews the emergence of sustainable development discourse in the context of the evolution of economic conceptions of value and market behavior. In so doing it unearths the marginal theory of value and dominance of monetary valuation and exchange in economics as key obstacles to market mechanisms that take cognizance of the ‘sustainable development value’ of goods and services for which the perceived monetary value might be low. By relaxing certain key assumptions in the neoclassical growth model, a revised sustainable development model is proposed in which the role of the sustainability management toolkit can be understood as an important component of a mechanism for realizing a practicable and iterative evolution in the economic theory of sustainable development.
Authors and Affiliations
Jonathan Stilwell
Keywords
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