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dc.contributor.authorGuest, Ross
dc.date.accessioned2017-05-03T11:46:52Z
dc.date.available2017-05-03T11:46:52Z
dc.date.issued2010
dc.date.modified2010-09-30T09:14:20Z
dc.identifier.issn1090-9516
dc.identifier.doi10.1016/j.jwb.2009.08.008
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.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.languageEnglish
dc.language.isoeng
dc.publisherElsevier
dc.publisher.placeUnited Kingdom
dc.relation.ispartofstudentpublicationN
dc.relation.ispartofpagefrom326
dc.relation.ispartofpageto335
dc.relation.ispartofissue4
dc.relation.ispartofjournalJournal of World Business
dc.relation.ispartofvolume45
dc.rights.retentionY
dc.subject.fieldofresearchBusiness systems in context not elsewhere classified
dc.subject.fieldofresearchMarketing
dc.subject.fieldofresearchcode350399
dc.subject.fieldofresearchcode3506
dc.titleThe economics of sustainability in the context of climate change: An overview
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.facultyGriffith Business School, Department of Accounting, Finance and Economics
gro.date.issued2010
gro.hasfulltextNo Full Text
gro.griffith.authorGuest, Ross


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