The extent to which natural capital can be substituted with manufactured or human capital in production is a key determinant of the possibility of long-run sustainable economic development. We review empirical literature pertaining to the degree of substitutability between natural capital and...

The year 2020 is a critical year for sustainable development policy and practice with the review and renewal of various international commitments including the Sustainable Development Goals, the Convention on Biological Diversity and the Paris Agreement. The post-2020 agenda needs to be informed...

The problems of economic assessment of natural capital as the most important category of ecological economy are considered in the modern context of sustainable development. It is required to improve the procedures and methods for natural capital accounting in accordance with the international...

Sustainability and efficiency are potentially conflicting social objectives in natural resource management. We propose a market mechanism to allocate use rights over a stochastic resource to private managers. The mechanism endogenously determines the maximal tenure length guaranteeing that the...