2006) This discussion could also be grouped with the potential f

2006). This discussion could also be grouped with the potential for obtaining either or both ecological and economic sustainability. The advocates for ecological sustainability argue that there is poor or absent evaluation of natural capital, despite the fact that it is equally or more important to human survival and welfare than the other forms of capital (Ehrlich and Ehrlich 2008). In stressing the importance of natural capital, Daly (1991) stated that, in order to achieve sustainability, three conditions should be met: 1. The

rates of use of renewable resources must not exceed their regeneration rates.   2. The rates of use of non-renewable resources must not exceed the rates of development of renewable substitutes.   3. The click here rates of pollution emissions must not exceed the assimilative capacity of the environment.   In an effort to highlight LY2835219 cell line the importance of natural capital to the function of Earth’s life support systems, Costanza et al. (1997), the World Bank (2006), and others have made great efforts to estimate the economic value of the world’s ecosystem services and natural capital. Based on the potential for obtaining either or both ecological and economic sustainability, four possible outcomes

emerge. The first outcome would be that neither ecological nor socio-economic sustainability would be possible if production and consumption depend heavily on non-renewable resources, such as fossil fuels, or if the consumption about of renewable resources is faster than its replenishment rate and no substitutes are available. In other words, this outcome fails to meet the conditions

of sustainability argued by Daly (1991). A second outcome would be that socio-economic sustainability is possible but ecological sustainability is not. A typical example of this possibility is the availability of human-made substitutes of natural resources that could eventually lead to socio-economic sustainability, but at the cost of ecosystem loss. This outcome is basically advocated by the weak sustainability approach. A third outcome would be that ecological sustainability is possible, but socio-economic sustainability is not. An example of this outcome could occur if policies require industries to internalize their negative environmental externalities and those industries suffer huge economic losses. Finally, a fourth outcome is both socio-economic and ecological sustainability. This scenario would be feasible if, for example, both renewable and non-renewable resources are used with high efficiency, while alternative substitutes are continually promoted. Production and consumption patterns that respect the carrying capacity of the ecological systems would also be this website required.

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