Full cost accounting refers to accounting for the complete cost or benefit of some product or service in terms of its social, economic and environmental impacts. It represents an expansion of our traditional accounting systems to incorporate the full set of impacts relating to a given economic activity. Our traditional accounting systems are designed to account for what economists call utility. But utility and monetary value only account for what something is worth to an individual, it does not account for its cost or value to the whole of society or ecosystem.
This is part one in a five-part series of papers on the rise of the paradigm of sustainability. In this paper, we look at what sustainability is and how our economies will be shaped along a number of dimensions as it grows in significance in the coming decades.
We live in interesting times, one that is often contextualized as being a transition period as on the one hand our traditional industrial age systems of organization reach the end of their life cycle, show signs of faulting and becoming redundant, while on the other new networked information based systems of origination are being born and this chasm between the two is nowhere more prominent than within the domain of social go
At the turn of the 21st century our global economy is in both a rapid and fundamental process of change. This change is most often understood as a transformation from an industrial form of economic organization to a post-industrial form as the global economy shifts from being dominated
Within the course of just a few decades we have transitioned from being a small world on a big planet to being a big world on a small planet, an extraordinary transformation. A switch from making ad hoc interventions into ecosystems,