ECON 309: The economics of a sustainable society

1. What is the contemporary meaning of wealth?

2. What is the meaning of wealth in a more sustainable society?

3. Can we define wealth in a way that is broadly consistent with the first two questions?

4. What needs to be sustained in a sustainable society?

5. What is the proper way of accounting for the well-being of future generations in the way we make decisions today?

6. How do we measure economic success in a sustainable society?

Here wealth may not be based on ownership of a large amount of some material thing, as unnecessary material possessions create waste that can be unsustainable. This concept may come out of the idea that nothing can truly be a sole person's possession and that the affect of its production is not inert in society or the environment. Our meaning of wealth may thus have more to do with mental wealth measured by the richness of a person's contentment or their level of skill in a certain area. Also due to the fact that a more sustainable society may well have its foundations in a more nuclear community structure, wealth may have more to do with ability or willingness to contribute to the well being of that community.

  • Enough nutritious, healthy, tasty food
  • Access to clean water
  • Meaningful work
  • Support for maintaining physical and mental health
  • Opportunity to meaningfully participate in democratic decision-making that affects ones life
  • Physical security
  • Adequate shelter for physical comfort and security
  • Freedom from exposure to harmful chemicals and radiation
  • Opportunity to live near and visit areas of natural beauty

The meaning of wealth in a more sustainable society would be measured by the societies ability to control all types of capital, without trampling on peoples rights, and considering future generations needs. This distribution of capital would have to be reinforced by a system of cultural values and mores. To do this all resources should be assigned an economic value so that all capital, including forests, lakes and so on, could be appreciated in the same way as other valuable commodities are.

Ability to exercise and maintain fundamental human rights

Wealth in a sustainable society means being happy with less rather than wanting more than what is needed to provide for basic needs.

Wealth/economic success in a more sustainable society would include being able to obtain all the essentials of a "comfortbale" life in a manner that:

a) does not remove resources at a higher rate than can be replaced

b) does not add waste at a higher rate than can be assimilated

c) leaves ample leisure time

The meaning of wealth in a more sustainable society involves concepts like leisure time, health(human and environmental), and the absence of money.

Wealth in a sustainable society differs from the aforementioned question in that monetary gain is not the ultimate goal. I would chance to say that wealth in a sustainable society deals with using one's own resources in an environment (i.e. a farm) to live a comfortable and benefitial lifestyle.

In a sustainable society, wealth is an abundance of natural beauty, biodiversity, and ecological services, as well as being able to meet basic needs.

Wealth in a more sustainable society would be equated with community, education/knowledge, natural resources, and human resources.

Having time to enjoy everything we have.

The meaning of wealth in a sustainable society would probably be a combination of mental and emotional well-being and happiness and having basic physical needs met.

The meaning of wealth in a sustainable society understates the importance of money and overstates the importance of the environment and quality of life.

The definition of wealth in a sustainable society relates one's surrounding environment to the level of used and unused natural resources. For there to be wealth, one's environment must be sufficiently healthy to support the short and long term goals of that society. If otherwise, then the environment will be in a state of unbalance, thus forcing the existing activities of society to come to an unwanted end.

First of all I believe that in a "sustainable society", people must think more as a community rather than as an assemblage of individuals. With that in mind, for a community whose members are concerned about their neighbor's wellbeing, wealth takes on a whole different meaning. Wealth is seen as having a group of people who have equal access to the benefits associated with working together. These may include things such as having neighborhood parks, public land, cultural events, a quality public education, and other services that make a community more interactive. This view of wealth leads to an entire community that is rich rather than having a few rich individuals. Therefore, in a more sustainable society wealth is less about personal capital, and more about a strong group working together.

In a more sustainable society the definition is again the amount of money and/or materials that one has accumulated, but the definition includes other factors which make up wealth such as leisure time and the environment in which one works and lives. In a more sustainable society wealth is also valued dependent upon how it was gained.

Wealth is not just based on monetary measures but rather encompasses broader values to include human and ecosystem (biosphere) health and well-being, and an educated, caring public that functions for the whole rather than self.

Wealth would be defined as how useful and efficient one uses their resources.

Paying more attention to quality of life, having a sense of community, and meeting sensible levels of material wealth without depleting our environment.