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~ Economics of Sustainable Development~
Source: Herman E. Daley, "Beyond Growth", p. 45,1996.

"I have argued .... that the growth economy is an unsustainable goal at the present historical moment, and that we need to shift our vision and practice to a different model- the sustainable or steady-state economy. But economists are a stubborn and resourceful lot, and economics as a discipline provides an array of arguments and techniques that can be used to avoid a rethinking of the fundamental model. In recent years environmental concerns have been taken up by traditional economists, and their general theme of "internalization of externalities" certainly has its place. However, as a general solution to environmental problems it is proving inadequate. The increasing frequency of appeal to "externalities" is the clearest possible evidence that more and more relevant facts do not fit within the existing theoretical framework. When increasingly vital facts, including the very capacity of the earth to support life, have to be treated as "externalities", then it is past time to change the basic framework of our thinking so that we can treat these critical issues internally and centrally."