An Economist's View of Sustainability


Introduction:

The World Bank has been criticized by several environmental groups for funding environmentally
destructive development projects. Professor Herman Daly was a senior economist with the World Bank for six years and is now a professor at the University of Maryland. He received the Ph.D. in 1967 from Vanderbilt University and was a professor of economics at Louisiana State University for twenty-one years. We spoke with professor Daly about his ideas for improving the performance of the World Bank.

In his farewell letter to his colleagues, Professor Daly made four suggestions to better meet the Bank's objectives: stop counting consumption of natural capital as income; tax labor less and resource use more; change policies to increase supply of natural capital; and move away from the ideology of global economic integration.

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