Integrating the Economy and the Environment

Policy and Practice

image of Integrating the Economy and the Environment
This paper provides a comprehensive overview of the key conceptual, policy and practical aspects of integrating economic and environmental policies. Policymakers confront several complex issues in trying to harmonise economic and environmental objectives. This paper aims to help them in dealing with these issues so that the transition to environmentally sustainable development can be accelerated in the Commonwealth.

Following an overview of the main issues in chapter one, chapter two provides an introduction to the application of economic valuation techniques to environmental problems and costbenefit analysis. Chapter three deals with environmental and natural resource accounting and the following chapter shows how economic instruments can be used to promote environmental objectives. The concluding chapter highlights the overall policy implications.



An Introduction to Environmental and Natural Resource Accounting

In this Chapter, the literature on two characterisations of sustainability and their measurement is reviewed. The first, strong sustainability, derives more of its foundations from ecological science than does the second, weak sustainability. In each case, the basic idea, as developed in Chapter 1, is that continued well-being depends on the assets available to each generation for generating that well-being.


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