The evolution of preferences Why ‘ sovereign ’ preferences may not lead to sustainable policies and what to do about it

@inproceedings{Norton1998TheEO,
  title={The evolution of preferences Why ‘ sovereign ’ preferences may not lead to sustainable policies and what to do about it},
  author={Bryan G. Norton and Robert Costanza and Richard C. Bishop},
  year={1998}
}
The conventional economic paradigm assumes that tastes and preferences are exogenous to the economic system, and that the economic problem consists of optimally satisfying those preferences. Tastes and preferences usually do not change rapidly and, in the short term, this assumption makes sense. Sustainability is an inherently long-term problem and in the long run it does not make sense to assume tastes and preferences are fixed and given. If preferences are expected to change over time and… CONTINUE READING