Importance Of Sustainability And Human Development

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In today’s world, the most important outcomes of an economy are sustainability and human development. Deciding what potential outcomes of an economy can be subjective and depends largely on the economy and its people. Evaluating the performance of different economies requires the selection of different standards. However, sustainability and human development are the most universally beneficial for a well functioning society. The reason that they are the most important is because securing a better environment for future years and generations is the key to achieving all the other outcomes of an economy. Those other outcomes include prosperity, freedom, justice, stability, and democracy. Further, sustainability and human development are the…show more content…
Innovation and entrepreneurship is critical to the success and future success of companies and the economy. As stated by Nathan Rosenburg, “there are only two ways of increasing the output of the economy (1) you can increase the number of inputs that go into the productive process, or (2) if you are clever you can think of new ways in which you can get more output from the same number of inputs.” Sustainability is the drive to increase the output in the economy in more efficient and different ways. It seems that originally, companies were forced to be more sustainable through government rules and regulations. However, it is becoming more and more relevant that companies take charge on their own. For they can use their innovations and eco-friendly decisions as a key marketing point and consumers are beginning to care more and more about a company’s environmental footprint.
Another way to increase and foster sustainability in an economy is through human development. Human capital is essential to creating a sustainable environment. After all, the ultimate purpose of an economic system is not to produce commodities but to improve the quality of human life. Although, human development requires basic necessities such as diet, education, healthcare, and housing, people need more to achieve their full potential, including a stimulating culture, programs and facilities for developing talents, meaningful work, fulfilling leisure activities, and supportive communities
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