1. Introduction
In 1987 the concept of sustainable development was introduced for the first time in the
Brundtland report Our common future. The core of sustainable development according to this
report is: “…to meet the needs of the present generation without compromising the ability of
future generations to meet their own needs” (Brundlandt, 1987). One of the economic
interpretations of sustainable development, in order to incorporate sustainable considerations into
decision-making, is based on the concept of internalisation of environmental or sustainable related
costs. Possibly the most important factor in an effective pursuit of sustainable development is
“getting the price right”. Unless prices for raw materials and products properly reflect the social
costs, and unless prices can be assigned to air, water and land resources that presently serve as
cost-free receptacles for the waste products of society, resources will tend to be used inefficiently
and environmental pollution will likely increase