Out Common Future. In that work it was defined as the ability to meet the needs of present generations without compromising the ability of future generations to meet their own needs.

a system where there were no incentives for people to reduce their solid waste to one where there are such incentives. The technical name for this approach is unit pricing.

All materials in consumer goods must eventually end up as leftovers,

analytical models. A model is a simplified representation of reality, in the sense that it isolates and focuses on the most important elements of a situation and neglects the others.

Economic actions, including environmental actions, have two sides: On the one side they create value and on the other side they encounter costs.

An incentive is something that attracts or repels people and leads them to modify their behavior in some way. An economic incentive is something in the economic world that leads people to channel their efforts at economic production and consumption in certain directions.

The main step in doing this is to find out as clearly as possible how the various environmental policies and programs, present or proposed, affect people at different income levels.

one of the criteria we will want to use to evaluate environmental policies is whether the policies create incentives for individuals, firms, and industries to engage in vigorous R&D programs.

“Some pollution increases during the early stages of a country’s development and then begins to diminish as countries gain adequate resources to tackle pollution problems.”3 This happens because at low incomes, people tend to value development over environmental quality, but as they achieve greater wealth, they are willing to devote greater