Relationship Between Economic Growth And Sustainable Development – The level of economic growth varies from country to country depending on the needs of the population. Various growth recipes included; Growth through strong energy and smart growth. The first involves quantitative growth based on high levels of inputs such as labor and capital.
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Contents
Relationship Between Economic Growth And Sustainable Development
On the other hand, the latter is a qualitative development based on the level of technology and institutional change, which ultimately leads to higher productivity. An economy can improve when there is a focus on infrastructure development and education.
Economic Policies To Foster Green Growth
There is also the involvement of trade liberalization, deregulation, and privatization of manufacturing facilities, which favor foreign interests in knowledge. The study uses qualitative research to compare data and draws from the diverse literature on sustainability and economic growth.
The discussion includes opinion based on developing and developed countries of the world. The quality method in this particular area is more diverse and highlights the difference over the general usages
Economic growth refers to a positive percentage change in the real GDP of an economy measured over a period of time. The production of goods and services that can satisfy public demand is a good reflection of economic growth. Economic growth has long been considered the engine behind the development of modern societies.
Marketing, production and consumption levels are the main tools for measuring the economy as well as the central organizing principle (Hopwood, 2005). The recent development is dominated by free market capitalism, which is considered to be the most successful political and economic system in the modern globalized world. Real Domestic Product (GDP) serves as a good measure of economic prosperity and growth.
Economic Growth Vs Economic Development
It is known that the economy is one of the sub-systems of the environment because all the requirements to build an economy originate from the environment and the waste generated as a result is returned to the same environment. Economic growth is measured by the increase in the level of Gross Domestic Product (GDP), which is always defined as the market price of goods and services in a given economy over a given period of time.
Economic growth requires a lot of resources and therefore leads to a lot of waste. There are no opportunities for sustainable economic growth due to the limited resources in the land. A country’s ability to achieve sustained economic growth depends on its sense of sustainability. Sustainability is possible when a country has the ability to maintain its reserves of renewable resources.
The extraction level should not exceed the recovery levels. The reason economic growth depends on sustainable development is that GDP is normally based on natural capital.
A decrease in the supply of resources is expected to prevent the growth of various economies, which is a prerequisite for sustainable development. Changing consumer demand is one of the best indicators of the importance of sustainability in economic growth (Hopwood, 2005).
What Is Bbva Doing To Promote Decent Work And Economic Growth?
Sustainability can be defined by considering the circumstances in which countries view production and manufacturing processes with the products, as such understanding can lead to increased responsible production.
Organizations are now considering the task of being strategic for sustainable development, while at the same time making choices about profitable processes that can positively contribute to a more sustainable society (Sharma and Vredenbrug, 1998). The objective is to avoid the risks associated with the destruction and at the same time to monitor the profitable dynamics.
A country’s gross domestic product (GDP) has long been used to measure standard of living, but most importantly, many variables that affect the quality of life in developed countries, such as the environment, cannot be measured using market variables.
The reason for this is that when economic growth occurs, there is a possibility that such measures will prove to be worthless. Therefore, any sustainable development initiative must include the three dimensions of environmental, economic and social aspects (Eakins, 2005).
Solution: Divergent Views On Economic Growth Versus Sustainable Development
Stability in the economy is indicative of positive economic growth for some time. A stable economy aims to maintain stable levels of resource consumption and maintain population growth stability.
A stable economy is characterized by characteristics such as; Sustainable scale, equitable distribution, efficient allocation and standard of living. A sustainable economy can be achieved through various channels, some of which are discussed below.
Limiting the level of resource use and waste production, and keeping the two in line with ecological boundaries, creates a stable environment. Renewable resources must be used in a responsible way so that their exhaustion cannot exceed the renewal.
And at the same time, non-renewable resources should not be used to the extent that their waste cannot be taken into the environment. The best way to ensure effective sustainability is to leverage organizations and individuals at the local level.
Development Economics Definition And Types Explained
Since the level of consumption depends on the amount of consumption, the stabilization of the population helps in the process of achieving economic stability. The higher the population, the higher the consumption.
Developing coercive policies helps develop incentives that satisfy the existing population. Achieving sustainable economic growth also requires reducing the gap between the rich and the poor in society. Appropriate policies addressing inequality are needed to address the problems in a stagnant economy. This can be achieved through progressive taxation and social programs.
Sustainable development can be defined as the nature of development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
It means that the needs of the world’s poor can be met within the limits of trade and economic growth as well as technological progress and social organization that can meet environmental conditions and future population needs (Arrow, 1995, 520-521).
Sustainable Development And Economic Growth: Striking The Balance For A Resilient Future
Sustainability can be defined in different approaches, including thermodynamic, capital-based and human approaches. The thermodynamic approach considers sustainable development within the limits of the earth’s carrying capacity. It is here that the quality of life is improved in the capacity to support ecosystems.
A capital-based approach views the environment as a capital asset, which can be increased by replenishment and simultaneously decreased by consumption. A people approach involves considering sustainability as a way to improve people’s lives (Hopwood, 2005).
There are many environmental issues that always arise in the economic situation of a region or country. The level of economy can be determined based on population growth and the rate of depletion of natural resources and natural capital.
The concepts of sustainable development and economic growth are related to each other, the aim is to protect the existing resources of the earth and at the same time to create more opportunities to satisfy human needs. Climate change could lead to countless increases in pollutants that could interfere with future global ecosystems. Saving nature is like saving humanity from extinction.
Is Economic Growth Sustainable?
It is said that economic growth is increasing significantly along with the increase in pollution when evaluated in terms of productivity and consumption. However, establishing institutions that aim to educate people on issues related to the environment and life provides a focal point for sustainable development.
This is based on providing positive results of changes in the work environment. Sustainable economics plays a vital role in the process of production and consumption (Figure 2005).
Greenhouse gas emissions from various manufacturing companies originate from operational activities, contributing significantly to global warming, which in the long run is considered an environmental hazard.
This makes it imperative to launch a policy as a policy to limit emissions that threaten economic growth (Arrow, 1995, 520-521). Some countries use the government’s carbon pollution reduction plan policy to help control emissions.
The International Role Of Education In Sustainable Lifestyles And Economic Development
Per capita carbon dioxide emissions are a major threat to expected economic growth as they negatively impact ecosystems and biodiversity. Failure to control such emissions has the potential to reduce the gross domestic product of major countries (Figure 2005).
The rate of change in the world’s climate poses a major threat to global businesses and companies. Companies are generally believed to be affected by climate change and policies aimed at reducing greenhouse gas emissions.
However, the impact is sometimes underestimated in terms of consumer rewards for goods and services. Such restrictions and environmental values cause some companies to lose significant market share (Figure 2005).
The level of technological and market forces within a country has the ability to successfully accommodate environmental growth. Technology determines emissions in an economy, which ultimately determines environmental improvement. It confirms the economy as a sub-system of environment as environmental boundaries define much of the economy (Lovins et al., 1999).
Solved Based On The Two Figures Below, In Own Words, Discuss
Depletion of resources sometimes threatens existence in the universe, as it decreases at a faster rate than expected. However, society is full of technologically advanced activities with abundant resources and experimental results, which is a trend
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