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
When talking about sustainability numerous people associate it with just protecting the environment. Sustainability is far more than going green, but it is a principle that many companies have adopted and have worked persistently to improve over the last several years. Sustainability is defined as the ability to continue a behavior indeterminately, but it also includes improving human life overall. Sustainable development is broken down into three pillars: economic, social, and environmental (Harich & Bangerter, 2014). Economics is the study of how people use resources, which correlates to the goal of sustainable development by using resources to their full potential (Laszlo, C., & Zhexembayeva, N., 2011, p. 60). Economic sustainable development allows companies to give their customers what they want without overusing mutual resources. Social development combines the social world with the physical realm to provide a good quality of life (Benoit, 2010, p. 7). Social sustainability focuses on the well-being of people and their communities. Environmental development, the most recognizable, includes protecting the environment by reducing pollution, recycling, switching of electronic devices when not in use, etc. All three of these pillars make up what is known as sustainable development. In this paper, I researched a company and their involvement in sustainability and how it applies to the
Although there is no formal definition for the term, individuals have tried to define sustainability according to their function or area of study. The term “sustainability,” once an obscure ecological concept, has now been adopted by many in the business world to connote the principles of social and environmental responsibility (Joseph Fiksel, Jonathan Low and Jim Thomas). Further, sustainability can be seen through the eyes of business as a way to create value. More likely than not, the term sustainability can be linked to the ability of decreasing costs, wastes and inefficiencies. According to the vice president of General Electric,
Sustainability from a strategic business perspective is the potential for the long-term well-being of the natural environment, including all biological entities, as mutually beneficial interactions among nature and individuals, organizations, and business strategies. (O.C Ferrell, Fraedrich, Ferrell, 2015). Business sustainably is often defined as managing the triple bottom line – a process by which companies manage their financial, social and environmental risks, obligations and opportunities. These three impacts are sometimes referred to as profits, people and planet. (Business sustainability definition from financial times lexicon, no date). This essay will discuss the idea of sustainability being an important element within a businesses and its core strategies and the importance of it within different businesses. Secondly, this study will look at how different stakeholders are affected and influenced by sustainability as this could be seen as a catalyst to improving the environment as a whole and. Then this study will look at how businesses not focusing
Bertrand Piccard quotes, “In the 21st century, the heroes will be the people who will improve the quality of life, fight poverty and introduce more sustainability. This is a powerful message, it sums up the concepts discussed throughout the course. Additionally, the case studies such as the New Belgium Brewery, SC Johnson and The Kimberly Clarke organization have been proven to practice this philosophy. As society progresses in its efforts to provide a more sustainable future, there is a fundamental foundation of principles that must be followed to ensure success. Sustainable business development takes into account the application of business operations as it relates to the three pillars of sustainability, which is a dynamic yet integrative place to begin this journey. DesJardins, (2006) calls for a re-imagination of the future to create a vibrant sustainable model; which forms similar beliefs to Piccard. In addition, organizations are more inclined to create sustainable practices based on consumer demand and the willingness of leadership to participate in sustainability programs.
Sustainability is defined as the ability to endure.(1) Though the idea of sustainability can be applied to most anything from a sustainable ecosystem that has survived thousands of years to a sustainable workplace that uses green technologies. Paul Hawken captured today’s connotation of sustainability in saying “Sustainability is about stabilizing the currently disruptive relationship between earth’s two most complex systems—human culture and the living world.” (2) There are countless ways to live, work, and produce sustainably. Sustainability not only needs to be practiced by citizens, but businesses need to join the green movement as well. Without creating, following, and enforcing green policies, negative effects will be evident and innumerable
Sustainable development is defined as “Development that meets the needs of the present generations without compromising the ability of future generations to meet their own needs” (IISD, par. 1 ).
Important advantages of Resources on the Earth are limited.That the way we behave now does not make life difficult or impossible for future generations.To achieve sustainable development,we need to carefully consider the need for economic development,where standards of living improve
Yvon Chouinard and Vincent stated, “Sustainability is a term that calls us not to take more from nature than we can give back.” Many Companies have failed to grasp this concept. It is startling to realize how much has been taken from nature and how little has been given back. A responsible company makes magnificent products, treats their workers well, improves the community, and protects nature. Humans need to realize that they are part of nature. They r in the process of destroying themselves when they act irresponsibly.
Between this week’s lecture and readings, we have looked at both the concept of sustainability as a whole and the ways in which it ties into our lives, and, as such, our ability to pursue a good life. Living in a way that is conscious of the needs of our planet and ourselves can increase the quality and length of our lives, and as such increase overall happiness. While possible, however, our society has some ways to go before it is truly sustainable and long-lasting.
The concept of ‘sustainable development’ is one that has faced heated debates for decades now. A seemingly harmless concept, it raises a lot of questions as to what it really entails and how exactly it can be achieved. But with more than 1.3 billion people living in abject poverty (less than $1.25 a day), and with a reported 22,000 children dying every day as a result of poverty (UNICEF), the debate for Sustainable Development becomes interesting as it questions the extremity of economic growth policies, in the war against poverty. Many note economic growth and development as the only tool for poverty alleviation. Roemer and Gugerty, for example, report that GDP growth of 10% per year is associated with income growth of 10% for the poorest 40% of the population. However, others question the extent to which economic growth should be put above other socio-economic factors. Lele points out that the focus on economic growth has led to important ecological and social sustainability, taking the backseat. He argues that due to strong emphasis on economic growth, not enough attention is paid to social equity, and economic stability within the development discourse.
Sustainability development has three components: environment, society, and economy. If you consider the three to be overlapping circles of the same size, the area of overlap in the center is human well-being. As the environment, society, and economy become more aligned, the area of overlap increases, and so does human well-being. Therefore, education for sustainable development (ESD) is the use of education as a tool to achieve sustainability. Simply put, ESD is a way to make the world a safer, healthier, and more livable place for us and future generations (McKeown, 2002, pgs 7-9).
The social component of sustainability is aimed at the person and is focused on preserving the stability of the social and cultural systems, including the reduction of destructive conflicts among people. An important aspect of this approach is the equitable sharing of benefits. It is also desirable to preserve the cultural capital and diversity at the global level, as well as a better use of sustainable development practices available in the non-dominant cultures. To achieve sustainable development, modern society will have to create a more efficient decision-making system, which takes into account historical experience and encourages pluralism. It is important not only to achieve intra- and intergenerational justice. As part of the concept of human development, man is not an object but the subject of development. Based on the expansion of human choices as the main value, the concept of sustainable development implies that people should participate in the processes that shape the scope of their activities, promote the adoption and implementation of decisions and monitor their
Sustainability has been at the forefront of much international policy in the recent years, however how it should be implemented is contested. The United Nations 2030 Agenda for Sustainable Development offers a set of guidelines and goals for nations around the world. This however, is telling about the predominant voices on sustainable development where there is a focus on international assistance and management. This section will look at how exactly the international voices interact with the local ones on how sustainable development should actually be achieved in developing countries.
Over the course of the past few decades, humans have truly started to understand and study issues that threaten our environment in great depth. Modern environmental sustainability is defined as “the link between the health of nature and society, population growth, distribution of wealth and the combined approach to development, equity and conservation not new to social and environmental policy” (Oiamo 23). The definition of sustainability has transformed over time along with our knowledge and continually evolving understanding of the word. Sustainable development is a process that goes hand in hand with sustainability, however the definition is widely deliberated. Nonetheless, the most accepted definition was coined from the Brundtland Report in 1987 is “development that meets the needs of today without compromising the ability of future generations to meet their needs” (Oiamo 28). Succinctly, sustainable development is only using the essentials needed to preserve ourselves as of right now, and nothing more. What lead to this present-day concept of environmentalism and sustainability were economic, environmental and social shifts prior to the 1970s.These are known as the three pillars of sustainability and were contrived by environmentalists such as Ebenezer Howard and Rachel Carson.
Sustainability is defined by The Brundtland Report as “development that meets the needs of the present without compromising the ability of future generations to meet their own needs,” which is an ongoing issue that many strive to improve (lisd.org, 2015). Through the three pillars of sustainability, a balance is constantly worked towards through attempts to efficiently manage social equity, the environment and the economy (lisd.org, 2015) (EPA.Gov, n.d.).