Needs And Possibilities Of Natural Capital Sustainability Cover Image

Потребе и могућности одрживости природног капитала
Needs And Possibilities Of Natural Capital Sustainability

Author(s): Slobodan Cvetanović, Vlastimir Leković, Igor Mladenović
Subject(s): Social Sciences
Published by: Универзитет у Нишу
Keywords: Concept of Sustainability; Natural Capital; Sustainable Development; Renewability And Knowledge

Summary/Abstract: The possibility of exhaustion of natural capital indicates a pronounced challenge for the long-term development of global economy. The concept of economic growth based on the neoclassical approach, the Walrasian general equilibrium theory, and the promotion of allocative efficiency criteria is manifested in all its irreversible structural weaknesses. In this context, the analyzed issue of sustainability of natural capital, regardless of whether it is a concept of weak or strong sustainability, cannot provide satisfactory answers. The insistence at all costs on economic growth without allowing for the sustainability of natural capital can have many negative socioeconomic consequences. Therefore, qualitative changes are necessary in the management of development in order to channel the functioning of global economy in a manner that meets the requirements of sustainable use of natural capital. At the conceptual level, the response of global economy to the threat of unsustainable use of natural capital implies a new approach to the treatment of economic equilibrium, an approach that starts from the premise that the ultimate goal of economic behavior is the quality of life and not generation of profit regardless of the price paid by nature.

  • Issue Year: 2013
  • Issue No: 01
  • Page Range: 479-496
  • Page Count: 18
  • Language: Serbian