Abstract
The publication of the Brundtland report has stimulated the quest for the holy grail of sustainable development. In the UK, a focus for the economic analysis of this subject has been provided by the Pearce report. One strand of analysis is concerned with policy and project appraisal which in turn is the subject of the Department of the Environment's guide Policy Appraisal and the Environment. This paper provides some of the background and discusses some of the distributional issues not addressed in the guide.

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