Sustainable economic development

economic development

The new approach of economic growth stresses meeting the fundamental needs of the poor supports cultural sensitivity and encourages 'popular' participation in the process of development. What is more significant, it highlights that there is no "true" change in Third World countries or other countries without the environmental viability of the policies that are being developed and applied. 

As a consequence, it is clear that ultimate environmental and sustainability targets are not at odds but are somewhat similar, including enhancing the human standard of life or social security for current and future generations. However, it is difficult to grasp the concept of sustainable economic development analytically. 

Economists were nonetheless critical of the definition and objectives set out in the World Conservation Strategy. But they are not too accurate to operate, because they fail to see crucial trade-off questions between economic and conservation purposes and to ignore the problem of evaluation.

Although defining sustainable development on an analytically rigorous basis may be extremely difficult, if not impossible, it still has to explain its characteristics and distinguish it from other development concepts. 

Significance of sustainable economic growth

Secure livelihoods are the primary concern for sustainable economic growth. It requires policies, regulations and incentives at the national level, to induce environmentally sound economic behaviour. The World Commission on Environment and Development endorsed the "macro" approach to sustainable development. The World Bank and Asian Development Bank are currently investigating it. 

Macroeconomic or "top-down" approaches are nevertheless not adequate; the focus should ultimately shift on poor people's needs and priorities. As the recent report to the World Commission highlighted, sustainable development needs to fulfil basic human needs such as food, clean water, fresh air, combustible, shelter, healthcare and jobs. 

Moreover, the design and implementation of projects must be tailored to the needs and capabilities of those who are supposed to benefit from them to ensure that economic development is really 'sustainable'.  

If there are failures to meet requirements and encourage the participation of the social groups most affected by any change, any attempt to reduce environmental degradation will be counterproductive. 

The landless, smaller and marginal farms that are most responsible for deforestation have had an impact in the past. It is due to a limited commitment to the needs of the community, lack of participation by poor women and lack of confidence in landless social forestry programs. 

Sustainable economic development and overall economic growth

i) The sustainable economic development is unrelated to the overall growth of society and cannot be adequately evaluated independently since the relationship of the demographic, cultural and ecological developments with economic changes relies on "sustainability;" 

ii) the quantitative aspect is linked to an improvement in the material services accessible to those living in total deprivation or intended for life to have adequate physical and social well-being and protection against becoming poorer;

iii) Its qualitative dimension is multifaceted and associated with long-term ecological, social and cultural support and structural change potential; 

iv) It is not readily measured; quantitative and qualitative factors reinforce each other and are inseparable, which is why no idea of direct or observable economic gain is completely capable of measuring them. 

Therefore, stabilization of the economic condition is explicitly associated with growing the material quality of livelihoods of the people at the "baseline," which can be calculated quantitatively through improved calories, actual incomes, school facilities, healthcare and sanitation, water and food emergency supplies, etc. 

Objectives of Sustainable economic development

- The primary goal is to reduce the absolute poverty of the people through the development of safe and secure livelihoods and mitigate the depletion of resources, environmental degradation, cultural disruption and social instability. 

- Total sustainability with any specific model of economic production may not be theoretically feasible, but a trend that is comparatively more efficient than the others must be sought. It is crucial to make sure that the effects on the environment and its resources are kept as minimal as possible. Because the industry is depending on raw materials and energy inputs from the primary sector (agriculture, forestry, fisheries, mining and quarries etc.), as the prospect of 100% recycling waste remains technically impossible. 

- According to economic and technological feasibility, the utilization of non-renewable resources, a lower amount of renewable energy than their regular rate of ecologically stable regeneration and the elimination of waste generation rates under its assimilative potential may, therefore, be part of some of the "sustainability" requirements relevant to industrial activity. 

- Given the need for some form of industry and manufacturing capacity to address mass poverty in Third World countries, it is practically as essential to stress a "sustainable" pattern of industrial development to emphasize sustainable agricultural development. We do choose to think about the availability of 'sustainable livelihoods' for sustainable industrial development. 

- Include ensuring safe work and the favourable effects on indirect and induced labour, using technologies appropriate to their level of skillfulness and expertise and introducing new skills that can easily be assimilated by the local workforce. 

- A process, by which a country's real per capita income increases over a long period, provided that the figures below the "absolute poverty line" do not rise. That income is not distributed more unequally. This resolution underlined most of the post-war development definitions, except perhaps the concept of "basic needs," with a priority given to improving extreme poverty's living conditions.

Conclusion 

Therefore, sustainable economic development claims that "true" changes cannot take place without eco-friendly long-term strategies that are formulated and implemented, which are consistent with societal values and institutions and promote "grassroots."

The primary goal of this project is to have safe, stable living environments that mitigate the loss of land, environmental destruction, cultural disruption, and social unrest so that it can be viewed as an interface between three systems: ecological, material, economic, and social. The ultimate objective is to maximize the goals of all these processes by a dynamic and adaptive trade-off mechanism.

"Sustainability" refer to all forms of economic and social operation, from livestockeconomic development, forestry and manufacturing to people's communities to be truly helpful as a definition of sustainable economic development. 


References:

https://www.cambridge.org/core/journals/environmental-conservation/article/concept-of-sustainable-economic-development/33A3CD3BD12DE8D5B2FF466701A14B4A

https://www.britannica.com/topic/sustainable-development

https://ideasforus.org/sustainability-and-5-examples-of-how-it-helps-economic-growth/

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1013 Words

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Aug 14, 2020

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