Over the years, world market is integrating at much faster pace through increasing trade openness. Not being an unmixed blessing, consistent efforts have been made to examine impact of trade openness on economic, environmental and social welfare. This study is an attempt to empirically examine...

This paper quantifies the welfare cost of consumption externalities in an endogenous growth model with habit formation. Agent's utility depends on both current consumption and a reference consumption level determined by economy-wide average past consumption. Although utility may be lower in the...

In this paper, we elaborate on an idea initially developed by Weitzman (1998) that justifies taking the lowest possible discount rate for far-distant future cash flows. His argument relies on the arbitrary assumption that when the future rate of return of capital (RRC) is uncertain, one should...

Equal treatment for the present and the future was required in two axioms introduced in the articles by Chichilnisky of the years 1996 and 1997. These articles provide a characterization of the decision criterion that satisfies the axioms and shows that the two axioms are equivalent to physical...

Implementing the concept of sustainable development is one of the major challenges facing the modern world. One of the instruments creating sustainable development might be state aid. State aid has an impact not only on the economic sphere but also the environmental and social sphere. State aid...

In this article, the authors present their views on the main issues, objectives and measures in the EU energy policy in the context of increasing relative energy scarcity and sustainable development. Aims of sustainable access to energy seem to focus on increased access to fossil fuels, which...

Nowadays, the issue of sustainability becomes an important topic not only for countries, but also regions. A specific example is a group autonomous regions located in strategic areas and influencing countries' economic and political performance. The research problem discussed in this paper is...

While sustainable development is often interpreted as the need for a kind or harmonious development between its economic, social and environmental elements, this is unlike to be the case in reality. The author discusses the importance of knowledge and paradigms for establishing priorities in...

In the paper, two short development projects in Omsk carried out in 2002-3 and 2005 are discussed. The authors provide some background about Omsk, the projects and the project partners, describe what was done in the projects themselves, outline the results of the projects, draw lessons from the...

While in theory sustainable development has been included in policy-on-paper, policy-in-practice tends to be difficult. In this context, the author discusses the role that internal and external actors have played with regard to the incorporation of sustainable development into Ukrainian national...