The Political Economy of Sustainable Development: Valuation, Distribution, Governance [electronic resource

The author shows how sustainable development may be organized, valued and distributed by introducing situational contracting as an interactive and contextual mode of governance. Situational contracting provides a road map for where we want to go, serving the prevailing ideology in implementing the trade between efficiency and fairness. Dirk Wolfson shows how sustainable development may be organized, valued and distributed by introducing situational contracting as an interactive and contextual mode of governance. Throughout the entire process of policy-making and delivery, situational contracts assign rights and responsibilities, fortifying the weakest link in democracy: the way in which political systems mind the preferences and ambitions of the people. This book importantly recognizes that efficiency and distribution are two sides of a coin that can be distinguished but not separated. Situational contracting does not judge distributional concerns, but reveals how parties in supply and demand think about fairness. It provides a road map for where we want to go, serving the prevailing ideology in implementing the trade between efficiency and fairness, like a democratic institutional arrangement should 'A very well-thought-out, interesting and novel examination of the subject.' - Eugene Nulman, University of Kent, UK 'This interdisciplinary and non-technical introduction nests economic efficiency, fairness and ecological principles in a political economy framework. 'Situational contracts' meld these principles to yield understanding of how democratic societies seek a sustainable future. Such contracts reflect both political constraints and proxy information on citizen preferences; they lead to policy outcomes which mesh concerns with efficiency, justice, and "planners' preferences". This book provides unique and valuable insights into the complex process in which environmental policy is formed.' - Robert Haveman, University of Wisconsin-Madison, USA Front Matter....Pages i-ix Introduction....Pages 1-23 Valuation....Pages 24-36 Distribution....Pages 37-46 Governance....Pages 47-71 Back Matter....Pages 72-82