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dc.contributor.authorGuest, Rossen_US
dc.date.accessioned2017-04-24T08:42:24Z
dc.date.available2017-04-24T08:42:24Z
dc.date.issued2010en_US
dc.date.modified2010-09-30T09:14:20Z
dc.identifier.issn10909516en_US
dc.identifier.doi10.1016/j.jwb.2009.08.008en_AU
dc.identifier.urihttp://hdl.handle.net/10072/34315
dc.description.abstractThe emerging field of sustainable business has its roots in both science and economics-in particular the fields of environmental science and the economics of sustainability. This article provides an overview to the latter field with application to environmental damage due to climate change. The aim is to provide an economic context for the papers in this special issue. The article outlines four essential elements in what has become a vast literature in the economics of sustainability in the context of climate change. First is the dilemma in valuing the distant future which concerns the vexed issue of discounting outcomes that are expected to occur over a very long time horizon. The second is the related characteristics of uncertainty and irreversibility that create an option value in taking action. The third element is the peculiarities of natural capital (arising from the natural environment) compared with reproducible capital (things we make that are used to produce goods and services). The post-neoclassical notions of social capital and knowledge capital are also briefly mentioned. The fourth element is how to manage the global "commons", the prime example of which is the climate. This article is written for the general business reader with an understanding of basic economic concepts and therefore avoids mathematics. References to more technical treatments are provided.en_US
dc.description.peerreviewedYesen_US
dc.description.publicationstatusYesen_AU
dc.languageEnglishen_US
dc.language.isoen_AU
dc.publisherElsevieren_US
dc.publisher.placeUnited Kingdomen_US
dc.relation.ispartofstudentpublicationNen_AU
dc.relation.ispartofpagefrom326en_US
dc.relation.ispartofpageto335en_US
dc.relation.ispartofissue4en_US
dc.relation.ispartofjournalJournal of World Businessen_US
dc.relation.ispartofvolume45en_US
dc.rights.retentionYen_AU
dc.subject.fieldofresearchBusiness and Management not elsewhere classifieden_US
dc.subject.fieldofresearchcode150399en_US
dc.titleThe economics of sustainability in the context of climate change: An overviewen_US
dc.typeJournal articleen_US
dc.type.descriptionC1 - Peer Reviewed (HERDC)en_US
dc.type.codeC - Journal Articlesen_US
gro.facultyGriffith Business School, Department of Accounting, Finance and Economicsen_US
gro.date.issued2010
gro.hasfulltextNo Full Text


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