“Is There a Role for Benefit-Cost Analysis in Environmental, Health, and Safety Regulation?” New Series 272 (1996): 221–222. Publisher's Version
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Economists have confined the concept of ‘sustainability’ to intertemporal distributional equity. We propose a broader definition, combining dynamic efficiency and intergenerational equity, and relate it to two concepts from neoclassical economics: potential Pareto-improvements and inter-personal compensation.
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Economists and ecologists misunderstand each other about the environment. Improving interdisciplinary communication should enable natural scientists to take economic analysis and prescriptions more seriously.
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