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assignment2_q1 - without compromising the ability of future...

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In a statically socially efficient outcome output is chosen to maximize current net benefits to society. Net benefits to Society comprise of Total Social Benefits minus Total Social Costs. Marginal Social equal to Marginal Social Benefit is the necessary condition for achieving Static Social Efficiency. Sustainability implies a non- diminution of social welfare in the future. So it is usually refer as sustainable development. It implies that current consumption and development should not make the future generations any worse off than we currently are. Sustainable development is “ Development that meets the needs of the present
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Unformatted text preview: without compromising the ability of future generations to meet their own needs.” The two concepts are not related in any sense. Economic efficient outcome is only focus on maximize the current benefits by using the most efficiency method. However, economic sustainability is force on the next generation, by not compromising the ability of future generations. Finally, the two concepts are focus on different time periods, but both of the concepts are trying to be the efficient under their limitation and restriction....
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