Introduction

The generation living presently should leave the enhancement of air, water and soil resources as normal, as pure and not polluted as they found it to be for the future generations. Its quiet impossible to achieve such intergenerational equity given global environmental problems that emanate through human activities. Therefore following the Brundtland (1987) view, Sustainable Development implies meeting developmental needs of present human beings without compromising/sacrificing the needs of future generations. Sustainable Development is an injunction not to satisfy ourselves by depriving our successors (future generation) a pure ecosystem, particularly of finite resources. Environmentalist/Ecologists typically argue that archiving sustainable development requires treating natural resources (exhaustible and non-exhaustible) with care as they form part of all human productive activities. Whilst on the other hand, Economists believe that individual consumers will automatically adopt environmental preferences such that it leads towards environmental preservation, in other words: the market will solve all problems.

Sustainable Development has arguably been the centre of debate amongst different schools of thought, particularly between the Neo Classical school of thought and the Ecological school of thought (as we can see the different approaches used by the schools in the above paragraph). The environments capacity to accommodate human activity is questionable given the arising problems of unsustainable development that’s enhanced by the rate at which humans devalue certain environmental amenities and also by the rate in which humans discount future costs and benefits for present costs and benefits. This assignment is particularly aimed at exploring, how valuing and discounting of the ecological system by humans relate to sustainable development.