To operate sustainably or not to operate sustainability?--That is the long-run question.

From: Futures (Cedar Falls, IA) | Date: February 1, 2004| Author: | Copyright information

Abstract

The long-run output potential of the economic process has been overstated as a consequence of the mainstream use of aggregate production functions that violate the first and second laws of thermodynamics. Use of a simulation model incorporating a non-traditional production function reveals a number of important conclusions. First, natural capital is eventually depleted if there is a desire is to continuously increase the level of production and consumption over time. Second, assuming that such a desire exists, the time it takes to deplete natural capital and for the ...

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