Economic Sustainability – In Brief
Economic sustainability refers to the ability of an economy to support long-term economic growth without negatively impacting social, environmental, or cultural aspects of the community. It means managing resources in a way that ensures economic prosperity for present and future generations.
Key Concepts of Economic Sustainability
Long-Term Growth
- Fostering economic development that is stable and can be maintained over time without causing crises or depletion of resources.
Efficient Resource Use
- Producing goods and services with minimal waste and optimal use of raw materials, energy, and labor.
Fair Distribution of Wealth
- Ensuring economic benefits are shared fairly to reduce poverty and inequality.
Decent Work and Livelihoods
- Creating stable jobs with fair wages and safe working conditions.
Economic Resilience
- Building an economy that can adapt to shocks like financial crises, climate change, or pandemics.
Support for Innovation and Sustainability
- Investing in clean technologies, sustainable infrastructure, and responsible business practices.
Important Terms
| Term | Meaning |
|---|---|
| Sustainable Development | Economic growth that balances environmental and social needs |
| Inclusive Growth | Economic progress that benefits a broad range of people |
| Green Economy | An economy that improves human well-being while reducing environmental risks |
| Circular Economy | A system where resources are reused, repaired, and recycled to reduce waste |
| Corporate Responsibility | Businesses acting ethically in their impact on society and the environment |
| Economic Equity | Fair access to economic opportunities and resources for all people |
Why It Matters
Without economic sustainability:
- Growth becomes short-lived or crisis-prone
- Poverty and inequality worsen
- Natural resources are exploited unsustainably
Sustainable economies create long-term value, support healthy societies, and respect environmental boundaries — forming a vital part of a sustainable future.