Economics and the Environment, 8th Edition

CHAPTER 8The Sustainability Standard

8.0 Introduction

The Iroquois Indians are said to have lived under a traditional directive to consider the impact of their decisions on the next seven generations. What kind of world are we leaving to our children, our grandchildren, as well as our great-great-great-great-great grandchildren? In this chapter and the next two, we move beyond our efficiency versus safety debate over pollution-control standards and consider these long-run impacts. In the process, our focus shifts from allowable standards for pollution to questions of the maintenance of environmental quality and natural resources over the long term.

Many current decisions involving pollution and the environment have long-lasting impacts. A pollutant that has long-term consequences is called a stock pollutant. Each one of us carries residues of the pesticide DDT in the fat cells of our body, even though it was banned from use in this country in the early 1970s. Chlorofluorocarbons released into the atmosphere contribute to ozone depletion for decades. Certain types of high-level nuclear waste retain their toxicity for tens of thousands of years. And current ${\text{CO}}_2$ emissions from burning oil, natural gas, and coal will continue warming the planet for more than 100 years. In contrast, flow pollutants do their damage relatively quickly and are then either diluted to harmless levels or transformed into harmless substances. Examples include smog, noise, and heat pollution.

People also have ...