Abstract

This paper reviews the concepts of sustainable development in an economic, environmental and social context. Weak and strong versions of sustainable development are reviewed and applied to the agricultural sector. The paper demonstrates that despite any degradation of the natural resource base, the agricultural sector is more productive now than in the past. This has occurred because the rate of investment in research and development (resulting in increased reproducible capital) has more than offset the rate of degradation in the natural capital stock. Science, it is argued, is part of the economic system that allocates productive capacity between current and future generations. Increases in expenditure on agricultural R&D since the 1950s have ensured that past generations have transferred productive capacity to future generations. With respect to the environment, the authors argue that a strong version of sustainable development may be appropriate, particularly where there are uncertain and irreversible outcomes. Finally, it has been observed that a hybrid version of social sustainability has been adopted in Australia. While resource mobility in the agricultural sector has been generally encouraged (weak sustainability) this has been underpinned by a welfare system that ensures basic standards of well-being and opportunity (strong sustainability).