What is Sustainable Economic Development?
To save our future environment every nation is in dire need of sustainable economic development. Today we will understand the meaning of sustainable economic development, the Brundtland Commission, and the effects of sustainable development on the environment. Let’s learn.
Meaning of Sustainable Economic Development
Sustainable economic development refers to the development strategy to meet the needs of the present generation without compromising the needs of the future generation. Or,
Sustainable economic development attempts to satisfy the needs of humans but in a manner that sustains natural resources and the environment for the future generation.
What is the Brundtland Commission?
This commission emphasis on protecting the future generation. We all have a moral obligation to hand over the planet earth in good order to the future generation. The present generation can promote development that enhances the nature and builds an environment in ways that are compatible with:
- Conservation of natural assets.
- Preservation of the regenerative capacity of the world’s natural ecological system.
- Avoids the imposition of added costs or risks on the future generation.
Effect of Sustainable Development on Resources and Environment
Sustainable development means the rational use of scarce resources in a way such that the benefits of economic development are enjoyed by both present and future generations. According to Herman Daly (an American ecological and Georgist economist), the following needs to be done to achieve sustainable development:
- Limiting the human population to a level within the carrying capacity of the environment.
- Technological progress should be input efficient and not input consuming.
- Renewable resources should be extracted on a sustainable basis.
- For non-renewable resources, the rate of depletion should no exceed the rate of creation of renewable substitutes.
- Inefficiencies arising from pollution should be corrected.
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