Question

What is “Weak Sustainability” in resource economics? How does it differ from “Strong Sustainability”?

Answer 1

Capital can be divided into man-made capital , natural capital, human capital and social, political capital

Weak sustainability allows for substitutability between the different types of capital whereas strong sustainability is when there is very little substitutability between the different forms of capital. Strong sustainability applies emphasis on protecting the irreversible stock of the natural capital whereas the weak focus on the allocation of scarce resources . Monetary valuation is downplayed in strong whereas it's upheld in weak. Strong employes an ecological economic and right based view stating that natural capital has the right to exit irrespective of mankind whereas weak employes a utilitarian approach.