Managing for Intergenerational Equity

Abstract

In an earlier paper (Wright 2006) it was argued that a concern by humanity for something like 'intergenerational equity' is plainly required and that democratically-elected governments serve this increasingly popular concern with appropriate rhetoric. (Here, as in the earlier paper, 'intergenerational equity' and 'sustainability' are treated as synonyms unless otherwise indicated.) At the same time there is a lacuna in humanity's repertoire of ways of doing sustainability. In meaningful analysis of the issues environmental economics is thwarted by relevant uncertainty and ecological economics offers nothing more compelling than a set of ultimate outcomes from which one should work backwards to define current optimal action. The latter is essentially simple method (goal programming) based on religious axiom (these outcomes are intrinsically good); uncertainty is dealt with religiously by appeals to behavioural norms.