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A minimum necessary condition for sustainability is the maintenance of the total natural capital stock at or above the current level. While a lower stock of natural capital may be sustainable, society can allow no further decline in natural capital given the large uncertainty and the dire consequences of guessing wrong. This “constancy of total natural capital” rule can thus be seen as a prudent minimum condition for assuring sustainability, to be relaxed only when solid evidence can be offered that it is safe to do so.

We discuss methodological issues concerning the degree of substitutability of manufactured for natural capital, quantifying ecosystem services and natural capital, and the role of the discount rate in valuing natural capital. We differentiate the concepts of growth (material increase in size) and development (improvement in organization without size change). Given these definitions, growth cannot the …