The 1980s witnessed the second environmental revolution: its theme is 'sustainable development'. This book offers a definition of sustainable development in terms of the non-depletion of natural environments. It investigates the economic implications of sustainability, with special reference to the practice of cost-benefit analysis and problems of accounting for the interests of future generations. The major part of the book is devoted to an analysis of environmental problems in the developing world. The essential ingredients of policy measures aimed at sustainable development are discussed.