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Economic and Social Sustainability Assignment PDF

   

Added on  2021-04-21

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Running head: MAINTAINING ECONOMIC AND SOCIAL SUSTAINABILITYManaging Environment Impacts in Maintaining Economic and Social SustainabilityName of the University:Name of the Student:Authors Note:

1MAINTAINING ECONOMIC AND SOCIAL SUSTAINABILITYIntroductionSustainability can be understood as the ability to continue the development of processmore or less indefinitely within the future. Considering the same, sustainability is deemed tohave four major dimensions such as ethical, social, economic and environmental (Adams et al.,2016). The objective of this essay is to offer critical evaluation sustainability through employingtheoretical concepts on accounting along with their practical importance. The essay willelaborate on the fact that social sustainability can be identified as ability of society to maintainitself along with vital means of wealth generation. This is in order to consider in itself a sharedsocial purpose sense in order to foster cohesion and social integration. The essay will explain thatenvironment sustainability is essential for both economic and social sustainability. This is inorder to attain increased attention in order to decrease the effects in accordance with theenvironment which is important to make sure of a sustainable economic and social future. DiscussionSocial SustainabilitySocial sustainability is relied on the concept that a project or decision promotes theadvancement of the society. Generally, future generations must have identical or enhancedquality of life advantages as the current generation does (Andrews, 2015). This concept alsoincludes several things such as environmental law, human rights along with public involvementand participation. Failing to divert focus on the social aspect of the action or decision can lead tothe decrease of sustainable spheres. One of the instance of social sustainability is the passing theClean Water Act in 1972 along with the Safe Drinking Water Act. Overall, such set of laws.

2MAINTAINING ECONOMIC AND SOCIAL SUSTAINABILITYThese were increased pieces of legislation set minimum water quality standards for the surfacealong with drinking water. This had an impact of positively promoting the health along with thewell-being of everyone within the nation. The clean water act also served to safeguard thenation’s water supply through making it highly illegal for discharging the within adjacent lakes,rivers along with streams (Benn, Edwards & Williams, 2014). There must also be certainenhancement 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. There is also observed to becertain correlation between such vital environmental laws that were passed along with theaverage life expectancy of people within a nation. Several revenue potentialities of naturalresources on a duration of emerging market economy particularly in alignment with inadequatelyexplained property rights and tax legal structures. Within certain developing nations this mightgenerate increased revenue from use of natural resources (Bennett, James & Klinkers, 2017).This is also deemed to maintain revenue generating behavior on an increased rate from the behalfof the producers. This can facilitate in sifting resources away from highly socially successfuleconomic activity. Economic SustainabilityEconomic sustainability can be explained as a situation of non-declining economicwelfare projected into the future. It is also gathered that the economic welfare is distinct from theeconomic income. Such income is generally measured to be Gross National Product thatencompasses environmental expenses along with decreasing certain advantages (Crane &Matten, 2016). Economic welfare is deemed to arrive from income and also from theenvironment. This also carries out distinct function out of which some of them contribute toproduction and income. Moreover, economic welfare also contributes to direct welfare that

3MAINTAINING ECONOMIC AND SOCIAL SUSTAINABILITYincludes assimilation and waste recycling that maintains eco-balance and helps in regulatingclimate. Economic sustainability is deemed to focus on the capital maintenance that developseconomic welfare. For this reason, a question arises regarding whether it is total capital stockwhich can be maintained with substitution between them or it is a natural capital (Den Hond, deBakker & Neergaard, 2016). This type of capital is a non-substitute because of their exceptionalcontribution to the economic welfare. Considering the same, four types of sustainability relied onsubstitution extent ranges from the very weak that anticipates great substitutability to very strongthat follows no substitutability. Even if that is an empirical matter, still certain nature capitalneeds to be sustained at a minimum level. This can have an exceptional contribution to theeconomic welfare that claims for certain environmental sustainability. For this reason, it can beexplained that economic activities can be sustainable only if the life support ecosystems onwhich they rely remain resilient (Epstein & Buhovac, 2014). Environmental SustainabilityEnvironmental sustainability can be explained as the significance of environment forpeople and there are certain three important and board functions that are performed byenvironmental resources within their permissible range. This includes provision of resources forproduction and consumption with respect to fodder, food, minerals, timber along with non-timber forest products and water. These functions also include waste absorption from theproduction process along with consumption goods disposal and environmental services (Mota etal., 2015). This also encompasses survival services like ones producing climate and ecosystemstability, safeguarding from ultraviolet radiation by ozone layer along with amenity services. Thefirst two functions might be substituted by made capital to an extent relied on technology andprocess of production. However, there is some limit to its growth. The third function develops

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