Your book mentions laws that are being developed in MDCs called producer pay laws. Economists calculate the environmental costs of our activities dollar terms, and producers must pay these costs or else reduce their environmental damage. Mitigation One way in which producers or developers have been asked to pay is through mitigation. We'll discuss the pros and cons of this. Indigenous Knowledge People in MDCs tend to think that they have, or can find, the answers to environmental problems and that they will be able to solve the environmental problems in the LDCs as well as the MDCs, by using technology and education.
Sustainability includes achieving a balance between conservation and development.
Some tools we can use in achieving that balance include environmental accounting and mitigation. When we try to achieve sustainability, we should not ignore indigenous knowledge.