Popular trends in ecological economics increasingly consign neoclassical economics to the sidelines of modern-day relevancy. The neoclassical tradition is often seen as reliant for its authenticity on a presumption of human avarice – both unbridled consumerism and corporate cupidity – and demanding for its real-world applicability an assumption of continuous economic growth in a world of hard limits.

This article examines the question of whether neoclassical theory could instead provide keys to deeper understanding of sustainable consumption. By combining in a single framework neoclassical growth theory, general equilibrium theory and duality theory – and by explicitly considering leisure time – the analysis demonstrates that neoclassical economics yields several useful insights bearing on long-term sustainability. The analysis provides confirmation of some tenets of ecological economics and challenges others, purporting thereby to narrow the gap between neoclassical economists and ecological economists.

Eight propositions emerge from this analysis that could help speed the development of a robust neoclassical theory of sustainable consumption, here branded “golden age” propositions as they strongly echo the “Golden Rule” discoveries of Edmund Phelps.