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The concept of weak sustainability still attracts a lot of criticism. Some even suggest that the concept of sustainability is redundant. Other approaches are advocated, including ‘social bequests’, which focus the attention away from neoclassical theory altogether. A prime example of a weak sustainability is the Government Pension Fund of ...
Nicholas Georgescu-Roegen (born Nicolae Georgescu, 4 February 1906 – 30 October 1994) was a Romanian mathematician, statistician and economist.He is best known today for his 1971 magnum opus The Entropy Law and the Economic Process, in which he argued that all natural resources are irreversibly degraded when put to use in economic activity.
Ecological economist Clive Spash criticized Hartwick's Rule for its "self-evident lack of realism". It depends on man-made capital for: failing to depreciate, for substituting rather than complementing natural capital, and for being unrelated to rather than produced from natural capital.
This is known as the weak sustainability view, essentially that every technology can be improved upon or replaced by innovation, and that there is a substitute for any and all scarce materials. At the other extreme, the strong sustainability view argues that the stock of natural resources and ecological functions are irreplaceable.
Such movements often question the dominant form of valuation of resource uses (i.e. monetary values and cost-benefit analyses) and renegotiate the values deemed relevant for sustainability. [19] Sometimes, particularly when the resistance weakens, demands for monetary compensation are made (in a framework of ‘weak sustainability’). [22]
In that model, the weak sustainability concept states that capital made by humans could replace most of the natural capital. [73] [72] Natural capital is a way of describing environmental resources. People may refer to it as nature. An example for this is the use of environmental technologies to reduce pollution. [74] The opposite concept in ...
This is because the concept of sustainable development is "based on weak sustainability" which doesn't take account of the reality of "limits to earth's resilience". [29] Ross draws on the impact of climate change on the global agenda as a fundamental factor in the "shift towards ecological sustainability" as an alternative approach to that of ...
Recently, businesses and financial actors claiming sustainability have raised doubts. Greenwashing is a dishonest practice where financial market participants falsely claim sustainability, risking damage to their reputation and potential legal consequences. It can be achieved under different forms such as a mix of despicable environmental ...