Sustainable economic development and the environment

To maximize society's welfare, economists should be concerned with the efficient use of the stock of natural resources. The stock of natural resources is a gift of nature. The usefulness of this stock comes from its alternative uses, e.g. existence, exploitation and bequest. Therefore, the maintenance of this stock should be part and parcel of economic policymaking, particularly in less developed countries. Otherwise, the latter countries will face scarcity of wealth induced by decline of their environment.