Please use this identifier to cite or link to this item: http://hdl.handle.net/1959.3/210026

Title

Clarifying protected and utilitarian values of critical capital

Author(s)

Pearson, Leonie J.;  Kashima, Yoshihisa;  Pearson, Craig J.

Abstract

Sustainable development may be defined as a non-declining value of capital stocks (social, natural, built and human) over time. The ability for substitution between and within each stock over time has been widely debated, resulting in the identification, and then preservation of 'critical capital stocks'. We propose that 'critical' can be defined from two ethical perspectives; teleological or consequentialist (goal or ends based) and deontological (moral duty and rule based). The consequential ethic ensures critical capitals are 'utilitarian' in value and they generate goods and services for the maintenance of human wellbeing. Whilst deontologically critical capital depends on culturally and psychologically 'protected' values, which may vary locally or at least (as for, e.g., biodiversity) be open to conflicting opinions. This separation in the basis for defining critical capital stocks leads to awareness that some tradeoffs between critical capital stocks may be irreconcilable or likely to lead to outrage. A framework is developed to guide practitioners as to how to identify critical capital stocks using both protected and utilitarian values. Examples show that 'protected' values are likely to be specific to community (ethnic, religious, cultural, etc.) and require different methods for resolving substitutability of capital stocks to achieve sustainable development.

Publication type

Journal article

Research centre

Swinburne University of Technology. Faculty of Life and Social Sciences. Institute for Social Research

Source

Ecological Economics, Vol. 73 (Jan 2012), pp. 206-210

Publication year

2012

FOR Code(s)

0502 Environmental Science and Management;  1402 Applied Economics;  1499 Other Economics

Keyword(s)

Consequentialist ethics;  Deontological ethics;  Ethics;  Psychology;  Sustainable development

Publisher

Elsevier

ISSN

0921-8009

Publisher URL

http://dx.doi.org/10.1016/j.ecolecon.2011.10.027

Copyright

Crown Copyright © 2011 Published by Elsevier B.V. All rights reserved.

Peer reviewed