Standard neo-classical approaches to long-term environmental problems
such as climate change are unsatisfactory in relying on discounting, i
n assuming an at least latent utilitarianism, and relying on the measu
re of Gross Domestic Product. A framework built around trusteeship/ste
wardship is set forth and advanced as a superior approach, and its imp
lications for climate stability drawn. It is within a just emerging ec
onomics of stewardship that the tools of neo-classical economics can h
elp in finding the path to climate stability. (C) 1998 Elsevier Scienc
e B.V. All rights reserved.