Defining sustainable development as non-declining utility, the relationship between sustainable development and optimal growth is examined critically in Part 1. The operation of the Hartwick rule for an exhaustible resource is explored under different values of the elasticity of substitution between capital and resources. The Hartwick rule is then extended to the case of fossil fuels, where carbon dioxide emissions arise as an externality. Optimal growth paths with exhaustible resources are shown to be non-sustainable for positive pure rates of time preference or if produced capital depreciates. For linked environment-economy models where pollution stocks dissipate, the optimal steady state is characterized and feasibility conditions for the steady state derived. When resources are renewable and production leads to emissions that damage the resource, the restrictions on the feasible resource stock size in the steady state are determined. Part 2 considers the problem of measuring sustainable development, deriving 'green NNP' as a transformation of the Hamiltonian function for an optimal control problem. Two problems in accounting for exhaustible resources are developed: resource discoveries and heterogeneous resource deposits. The key issue of the treatment of pollution and pollution abatement in green national accounts is explored through a series of six models: flow pollutants, stock pollutants, impairment of pollution dissipation, fossil fuels and carbon dioxide, living resources and acid rain, and household defensive expenditures. The models of flow accounts are extended to green wealth accounting, where it is shown that stocks of pollution can be treated as liabilities in the national balance sheet. Empirical measures of sustainable development are presented in Part 3, with a discussion of the policy implications of green national accounting. Estimates of the value of pollution and 'genuine' savings rates are presented for the UK and selected European countries. The genuine savings analysis is extended to resource depletion and carbon emission damages for over 50 developing countries, revealing significant dissaving in Subsaharan Africa.

Le Pérou, extrêmement riche en minerais, connaît depuis les années 2000 une forte croissance économique. Àla question de savoir si sa richesse minérale condamne le Pérou à la malédiction des ressources naturelles, nousrépondons que ce n’est pas le cas à l’heure actuelle, mais nous mettons en évidence une forte dépendance vis-à-visde l’activité minière. La question centrale est celle du développement durable de l’activité minière. La mesure dela dépréciation du capital minier (dcm) est l’indicateur fondamental pour évaluer la situation. Diverses méthodesd’estimation existent, mais notre analyse microéconomique basée sur la règle de Hotelling fournit une valeurd’environ 7 % du pib sur la période 2000–2008, soit le double de l’approximation donnée par la Banque Mondiale.Nous proposons d’intégrer la dcm aux indicateurs macroéconomiques traditionnels, ce qui permet de mettreen évidence la surestimation de la croissance économique. Conformément à la règle de Hartwick, il apparaîtclairement que le développement péruvien n’est pas durable ; les revenus miniers ne compensent pas la dcmet ne sont pas réinvestis en faveur du développement du pays. Il faudrait donc taxer les entreprises minières àhauteur de la dcm, et créer un fonds de ressources naturelles. Nos résultats montrent qu’épargner seulement 8 %de la dcm permettrait d’atteindre un revenu durable pour les générations futures. La création d’un tel fonds deressources naturelles aurait également pour avantage de réduire l’instabilité macroéconomique et de promouvoirune meilleure gouvernabilité. / Since the 2000s, Peru, a country extremely rich in minerals has experienced strong economic growth. WouldPeru be condemned to the resource curse because of its mineral wealth? For now this is not the case; howeverwe point up a strong dependence upon the mining sector. The main question relates to the sustainability of themining industry. The mineral depletion rate is a fundamental indicator to assess the situation. To calculate this,there are many forecasting methods available ; our microeconomic analysis based on the Hotelling rule providesa value of around 7 % of gdp for the period between 2000 and 2008, which represents double the estimation ofthe World Bank.We recommend the mineral depletion be taken into account when calculating traditional macroeconomic indicators;it would highlight the overestimation of economic growth. According to the Hartwick rule, it is clearthat Peruvian development is not sustainable; mining revenues do not offset the mineral depletion and are notreinvested in the development of the country. Therefore, the solution should be to tax mining companies at alevel equivalent to that of depletion and, with the new income, to create a natural resource fund. Saving only8 % of the mineral depletion would suffice to generate sustainable rent for futures generations. In addition, thecreation of a natural resource fund would reduce macroeconomic instability and enforce better governance.