Sustainability: Will there be the will and the means?.

This chapter defines a strong effort toward new technologies and investments that can allow to sustain economic growth without endangering the environment. It defines this effort toward a new sustainable paradigm as consisting of a mix of renewable sources, energy efficiency, and energy savings. It also argues the size, intensity, and scope of policies required to achieve future sustainability that are similar to those employed in the past to sustain economic growth, and hence there is no need for radical measures or a major departure from current socio-economic system. Economic and legal tools capable of moving toward the aim of sustainable growth with high standards of living are reviewed and the monetary costs necessary to achieve it are discussed. The chapter concludes with the monetary costs of a transition to a new sustainable paradigm, assess its plausibility and welfare implications, and propose effective mechanisms to achieve the desired target. © 2011 Elsevier Inc. All rights reserved.