Sustainability, well being, and environmental protection: perspectives and recommendations from an Environmental Protection Agency forum

Abstract

According to panelists at a recent EPA-sponsored forum, at its essence sustainability requires the simultaneous promotion of equitable economic growth, environmental protection, and social well being. Panel members, including economists, policy makers, sociologists, and business strategists, agreed that a sustainable economy should preserve its capacity to generate income, which is made possible by maintaining natural capital. However, they also noted that the limited data available leads to the conclusion that the current scale and quality of economic activity is reducing the capacity of the biosphere to sustain the economy, and is fundamentally unfair to future generations. For EPA to respond effectively, it will have to strengthen the integration of traditional physical and biological research with behavioral and economic research. It will also require institutions that support equitable access to resources and a political system that can respond to today's poor as well as providing for future generations. Several panelists noted that habit formation and consumption patterns, which often lack a clear rational economic base, can significantly shape the relationship between income and well being. This research implies that public policy directed at sustainability can and should incorporate social values not necessarily reflected in the traditional economic theory of decision making. Several recommendations which emerged from the forum focused on the need to foster high quality data on sustainability indicators, policy mechanisms that use economic incentives, and public education regarding what constitutes sustainable decision making.