We focused too much on development and forgot about sustainability. Now the phase of crisis begins if we do not aim for sustainable development, the future can be unimaginable.
Sustainable development means the development which fulfills the needs of the current generation without compromising the requirements of future generation. The approach is focused on the overall development of each aspect such as social, environmental, and economic.
As we are living in a society where economics has a substantial role to play, as it deals with the phenomena of resources and their allocation to manage the needs of humans. If we work towards improving human living standards or providing fundamental needs economics is the way to do so. As it is connected to the production, distribution, consumption, etc. Although economic growth is vital for humans it harms the environment, the justification for biodiversity loss, habitat loss, climate change, and global warming.
If we are aiming to reduce adversity due to economic growth and development we have to move towards the path of sustainable development. Although numerous efforts have been made, both departments of ecology or sustainable development and economics are not aligning together which is a major cause of the adverse consequences. Sustainable development focuses on inclusiveness or inclusive wealth, human capital, natural capital, it concentrates on how the society has inclusive and eco-friendly development goals which is not just focused on economic growth rather growth of all aspects related to humans. Human development is one key criteria for it.
What do we need to do to achieve sustainable development?
One thing is vital a collaborative approach between economists and natural scientists is needed to handle the situation rather than just focusing on economic growth, we will incorporate the notion of sustainability in economic development. Economists are experts in the economic aspects related to distribution, consumption, etc they do not have an understanding of sustainability and ecological processes. How to approach development to provide equality, inclusive output.
Climate change, global warming, and biodiversity loss can be harmful to the present and future generations, although development and growth cannot be halted as they are the process that helping the society to sustain. The simple solution for the economist is to incorporate the notion of sustainable development to reduce the adverse effects of economic growth on the environment.
The collaboration between economists and ecologists with other such experts can pave the path of development where we can achieve economic, social, and environmental growth without compromising on any element. Economic growth affected the environment which can be reduced if the path of sustainability becomes the major approach to resolve the problem of current society.
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