Maintaining Economic and Social Sustainability

This essay discusses the importance of maintaining economic and social sustainability for a better future. It covers social, economic, and environmental sustainability and their interconnection. The essay also highlights the impact of environmental laws and natural resources on sustainability. Desklib offers study material with solved assignments, essays, and dissertations on this topic.

Maintaining economic and social sustainability
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introduction
Sustainability can be understood as the ability to continue the
development of process more or less indefinitely within the
future. Considering the same, sustainability is deemed to have
four major dimensions such as ethical, social, economic and
environmental.
social sustainability can be identified as ability of society to
maintain itself along with vital means of wealth generation
environment sustainability is essential for both economic and
social sustainability

Social sustainability
Social sustainability is relied on the concept that a project or
decision promotes the advancement of the society. Generally,
future generations must have identical or enhanced quality of
life advantages as the current generation does
This concept also includes several things such as
environmental law, human rights along with public involvement
and participation. Failing to divert focus on the social aspect of
the action or decision can lead to the decrease of sustainable
spheres.

One of the instance of social sustainability is the
passing the Clean Water Act in 1972 along with the Safe
Drinking Water Act. Overall, such set of laws. These were
increased pieces of legislation set minimum water quality
standards for the surface along with drinking water. This had
an impact of positively promoting the health along with the
well-being of everyone within the nation. The clean water act
also served to safeguard the nation’s water supply through
making it highly illegal for discharging the within adjacent
lakes, rivers along with streams.

There is also observed to be certain correlation
between such vital environmental laws that were passed
along with the average life expectancy of people within a
nation. Several revenue potentialities of natural resources on
a duration of emerging market economy particularly in
alignment with inadequately explained property rights and tax
legal structures. Within certain developing nations this might
generate increased revenue from use of natural resources.
This is also deemed to maintain revenue generating behavior
on an increased rate from the behalf of the producers. This
can facilitate in sifting resources away from highly socially
successful economic activity.

Economic sustainability
Economic sustainability can be explained as a
situation of non-declining economic welfare projected
into the future. It is also gathered that the economic
welfare is distinct from the economic income. Such
income is generally measured to be Gross National
Product that encompasses environmental expenses
along with decreasing certain advantages. Economic
welfare is deemed to arrive from income and also from
the environment. This also carries out distinct function
out of which some of them contribute to production and
income.

Economic welfare also contributes to direct
welfare that includes assimilation and waste recycling
that maintains eco-balance and helps in regulating
climate. Economic sustainability is deemed to focus on
the capital maintenance that develops economic
welfare. For this reason, a question arises regarding
whether it is total capital stock which can be
maintained with substitution between them or it is a
natural capital This type of capital is a non-substitute
because of their exceptional contribution to the
economic welfare.

Four types of sustainability relied on substitution extent
ranges from the very weak that anticipates great
substitutability to very strong that follows no substitutability.
Even if that is an empirical matter, still certain nature capital
needs to be sustained at a minimum level. This can have an
exceptional contribution to the economic welfare that claims for
certain environmental sustainability. For this reason, it can be
explained that economic activities can be sustainable only if
the life support ecosystems on which they rely remain resilient

Environmental sustainability
Environmental sustainability can be explained as the
significance of environment for people and there are certain
three important and board functions that are performed by
environmental resources within their permissible range. This
includes provision of resources for production and
consumption with respect to fodder, food, minerals, timber
along with non-timber forest products and water. These
functions also include waste absorption from the production
process along with consumption goods disposal and
environmental services

The first two functions might be substituted by made
capital to an extent relied on technology and process of
production. However, there is some limit to its growth. The
third function develops welfare directly along with that it is
inevitable for maintained of human ways of life and cannot
be substituted by manufactured or man-made capital. It can
also be gathered that in case the recent development is
unsustainable it might be because of depleting certain non-
substantial and critical components of capital base on which
it relies. Critical nature capital is explained as natural capital
that is accountable for vital environmental functions and this
might not be substituted by manmade or manufactured
capital

Managing Environment Impacts in Maintaining Economic and Social Sustainability

The diagram represented above explains three spheres
and the factors that explain the ways these are
interconnected. The major concerns are related with the
overall well being and quality of individual’s life along with that
it is realized that it is associated with the environment and the
economy. This is for the reason that within a poor economy,
individuals might deal with poor life quality and the same can
also be observed in case of poor environment. Within a poor
environment, the drastic effects on the quality of life are not
that easily recognized. It also does not require a trained person
to observe the way things like over-development of
floodplains, polluted storm off water and improper scarce
resources management might have an impact on quality life of
daily basis. These three sustainability spheres have major
concepts that explain the way in which actions and decisions
might have drastic effect on the global sustainability.

It has been evidenced that the natural resources leads to
many triggers in political interaction among powerful interest
groups. This leads in deficits in current account, disproportionate
fiscal redistribution along with decrease growth. The mixture of
wide range of nature resources, missing markets along with legal
structures might have drastic adverse consequences. In extreme
situations, such as in civil war it can be observed that the natural
resources increase the profitability. In addition, a wide range of
natural resources might grab attention of foreign government for
evading concerns of drastic consequences. Moreover, the
likability of this event might facilitate the domestic authorities to
spread more resources for national defense.

Conclusion
It is gathered from the essay that there must also be
certain enhancement in the environment laws that might result in
enhancement in the environment laws. All of such laws result in the
overall betterment of the society. Moreover, economic welfare is
deemed to arrive from income and also from the environment. This
also carries out distinct function out of which some of them
contribute to production and income. The essay also elaborated
that the natural resources leads to many triggers in political
interaction among powerful interest groups. This leads in deficits in
current account, disproportionate fiscal redistribution along with
decrease growth. The mixture of wide range of nature resources,
missing markets along with legal structures might have drastic
adverse consequences

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