Kevin,
I am too much of a dreamer too. Now, basing our knowledge on mere factual evidence and literature, and without considering the role of God and idealism, we come to different conclusions.
The general pattern of consumption of the developed countries indicates that resources will ve fully exhausted within few years. That is, if we do not find any resources to compensate for this loss. However, one must understand that "resources" as such are human constructs. It is humankind which gives a value to X or Y material. For instance, I do not give a high value to, say, a chapstick because I never feel the need to use it. Some others, on the contrary, give such resources a higher value. For this reason, revisionists such as Lomborg claim that we need not worry about resource exhaustion as future generations will find new technology and new economic values.
The pessimist literature considers current values and consumption patterns to predict future relationships, but this is not an entirely reliable analysis. Firstly, it is impossible to know how much of the resource base will be available for use in the future. Furthermore, economic valuations tend to differ with time: consider bauxite which gained its value only recently, or coal which has lost its value because of its environmentally degrading qualities. Another problem arises when considering the current economic value of a given resource, namely, intrinsic valuation. Some individuals give valuation to the fact that a given environmental asset exists. How to evaluate this has been a concern for environmental economists. Some suggest that WTP (Willingness to Pay) can give an accurate measure of this valuation. For example, I may be willing to pay 10,000 pounds sterling to conserve a natural site, whereas a company is only willing to pay 5,000 (because costs of production cannot be met if they pay more.) In this manner, I can ensure the site is protected. WTP varies considerably according to a number of causes, but mainly, some individuals are satisfied to know that a given species or asset is still alive, for example, and so their WTP is high.
A number of criticisms to this approach have been posed. The most interesting one states that humanity is unpredictable and not wholly reliable. Thus, they might claim to be willing to pay X amount of currency for environmental conservation, but in reality they only give half of it, or even less.
Another economic argument is that as incomes rise, people want to have better standards of living and thus pay more to eliminate pollutants. The Environmental Kuznets Curve (EKC) shows the relationship between income and environmental degradation. As expected, growth results in high rates of degradation until a maximum point is reached (for sulphur dioxide, it is estimated at about $5,000 per capita) and after this point, money is used to reduce environmental damage, so environmental degradation decreases. Pearce et al. suggest that an exhaustive economic analysis in developed countries has shown that thi is false, for it becomes economically detrimental to spend resources in the environment. Thus, they argue, countries should avoid economic growth, based in the Western model, in the first place.
Sustainability can none the less be achieved through other means.
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