Abstract
The use and management of natural capital is critical in all nations, but especially so in poor nations. The role of institutions – chiefly, property rights and pricing systems for natural resources – is pivotal in achieving growth and improved distribution of income and wealth, in understanding environmental degradation, and in seeking improved policy. Particularly useful criteria and indicators of sustainable development relate to `green' output and productivity measures in which the depreciation of natural capital is being considered. Special management problems exist for `critical' components of natural capital to which variants of the precautionary principle must be applied to ensure that our heirs receive an undiminished patrimony.
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Veeman, T., Politylo, J. The Role of Institutions and Policy in Enhancing Sustainable Development and Conserving Natural Capital. Environment, Development and Sustainability 5, 317–332 (2003). https://doi.org/10.1023/A:1025720911995
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DOI: https://doi.org/10.1023/A:1025720911995