Continuing the Tradition: Employing Tested and Emerging Economic Tools in Framing Sustainability Challenges for a Global Economy
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Economists have been successful in bringing their definitional and analytical tools to many of the problems that have confronted society over the past century and more, from Smith’s explanation of how nations produce wealth to Arrow’s explanation of the impossibility of social choice and Keynes’ general theory of money and interest. With the issue of sustainability, we draw on economic agents’ attempts at rational choice under uncertainty to understand the opportunities and challenges. We argue that employing system dynamic modeling approach to the problem could offer careful assessment of the soundness of sustainability strategies.