The current style of economic development which maximizes the percapita GDP, though it may be statically efficient, is dynamically inequitable and environmentally damaging. Most of the nonrenewable resources are expected to run out by the mid 21stcentury. Even the renewable resources are extracted beyond the maximum sustainable use so that they might be rendered unproductive. Thus, while this generation enjoys extra vaganza of consumption, the existence of next generation is at threat. In this paper, the reasons for that inequitable and unsustainable development are assessed and the possible policy recommendations are proposed.