Sustainable development in Economics

Sustainable development 

Sustainable development can be defined as the development which satisfies the requirements and needs of the present world without any kind of compromising the ability of the coming generations in order to satisfy theirs needs. Sustainable development implies the accomplishment and fulfilment of many conditions, includes preservation of the overall balance; respecting the environment and the most importantly prevent the loss of natural resources.

Sustainable development is all about economic growth linked with the protection and preservation of environment. The essence and the actual purpose of this type of development makes a stable and strong relationship between natural world and the human activities; it does not diminish the predictions and prospects for the next future generations to enjoy high quality of life with better standard of living. Sustainable development tells that growth must be environmentally sound for reducing the level of poverty and build shared wealth and prosperity for recent population and to continue this in order to meet the requirements and needs of future generations. Sustainable development goals are efficient with resources and also it carefully planned for delivering both instant and long term advantage for people and economy.

Sustainable development has three main pillars, environmental stewardship, social inclusion and economic growth, it carry all sectors of economic and social development, from big cities facing hasty urbanization to agriculture, transportation, energy development use, infrastructure and availability of water.

So for achieving true sustainability it is necessary to balance social, environmental and economical sustainability factors. These all can be defined as:

 

* Economic Sustainability:

Economic sustainability is all about the business or economy of country using its resources efficiently through all possible means and this all should be done with great responsibly; efficiently utilization of all the available resources is the major factor for getting economic sustainability. This must be operated in a sustainable manner for consistently producing the operational profit. Without the operational profit not any business can sustain its activities. Without using resources efficiently and acting responsibly company can not sustain its activities.

 

    * Environmental Sustainability:

Environmental sustainability can be defined as the natural environment in which we are living must be pollution free and green. In order to consume true environmental sustainability, make sure that we are consuming all the available natural resources, such as lands, energy fuels, water etc sustainability. This is a fact that some resources we found are more abundant than other resources and this is material scarcity

 

*     Social Sustainability:

Social sustainability is about the ability of the whole society, or any particular social system, for persistently achieving better social well being. Achievement of social sustainability ensures the social and societal well being of the nation or a community in the long term.

 

Masters degree in Psychology

 

 

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