The concept of sustainable development and the possibility of evaluating natural capital: Theoretical determination

Abstract

Objective of this paper is theoretical analysis of the concept of sustainable development. Accordingly, the paper points out the different possible approaches to the concept, as well as opposition and interdependence of economics and ecology in modern conditions. Sustainable development implies adequate methodological procedures of evaluation of natural capital, and its theoretical determination. It includes a supplement or overcoming the conventional theoretical positions that natural resources are treated as available resources and analyze them exclusively with the factors of economic productivity. Scientific instrumentation applicable for achieving the goals of this research is the analysis method, historical method and the method of logical analysis. A key finding of the research is the conclusion that nature cannot be adequately treated with neoclassical economic theory. However, that does not mean its economic treatment and evaluation is not possible.

Keywords

• sustainable development
• natural capital
• valuation methods
• indicators of sustainable development
• externalities