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Ecological Limits and Economic Development$
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Ramprasad Sengupta

Print publication date: 2013

Print ISBN-13: 9780198081654

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780198081654.001.0001

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Concept of Sustainable Development

Concept of Sustainable Development

Macroeconomic Resource and Income Accounting

(p.35) 3 Concept of Sustainable Development
Ecological Limits and Economic Development

Ramprasad Sengupta

Oxford University Press

The chapter defines the concept of sustainable development taking account of the roles of accumulation of natural, manmade and knowledge capital in development using a capital theoretic model and characterizes it in terms of non-negative genuine or true aggregate investment. It further discusses the implication of such condition in respect of resource and environmental accounting warranting classified investorisation of natural resources and their monetization for developing asset account for monitoring sustainability. It also develops a macroeconomic input-output model incorporating flows of natural resources and wastes and classifying the activities and goods depending on their characterization in terms of environmental protection to show how to make the environmental adjustment of macro-economic national income accounts. Finally, it outlines the proposed restructuring of the Standard National Accounts (SNA) by the UN through the development of a system of environmental and economic accounting (SEEA) and the status of progress of its implementation in India.

Keywords:   Sustainable development, Sustainable Resource Accounting, Genuine Investment, Environmentally Adjusted National Accounts, SEEA of UN

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