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In the debate about sustainable development, the key question is whether natural capital can be substituted by man-made capital. Proponents of weak sustainability maintain that man-made and natural capital are substitutable in the long term whilst followers of strong sustainability believe they are not. This insightful book assesses whether science can unambiguously endorse either paradigm and explores the extent to which, and at what cost, certain forms of natural capital should be preserved.

This book explores the limits of the two paradigms of sustainability in an accessible and illuminating way. It argues that while neither paradigm is universally correct, a persuasive case can be made for the non-substitutability of certain forms of natural capital. The author analyses natural resource availability and the environmental consquences of economic growth and examines whether future generations can be compensated for long-term environmental pollution. He assesses whether sustainability can be measured and concludes that attempts to monetarily measure sustainability have to be treated with caution. Finally, he shows that the pessimistic conclusions of a World Bank study on the weak unsustainability of many developing countries can be reversed if a more plausible method for resource accounting is used.

This book will be essential reading for students and scholars of environmental and ecological economics as well as those interested in sustainable development.