You might be wondering: "What is Sustainability in Economics?", two concepts that are so different from one another. Well, welcome to Sustainomics! The meeting place for these two topics. Sustainability is the concept of using resources in an environmentally-friendly and ethical way, leaving sufficient resources for future generations as well. Sustainability has broken its traditional bounds and is currently shaping our current global economy. Economic stakeholders are now realising the magnitude of climate change and global warming and have recognised the urgency of this situation. A sustainable economy would be one that is uses resources ethically while also taking into consideration the resource needs for our future generations and attempts to maximise efficiency in the long run. Below are some of the benefits in of a sustainable economy which will be discussed more in depth in the upcoming articles!
Why should an economy stay sustainable?
To promote environmental preservation and allow consistent economic growth for future generations.
To increase economic efficiency and growth. In the long-run government are likely to impose regulations against unsustainable production and consumption, causing firms that do not comply with these rules to leave the market, which would reduce the economic growth and may cause unemployment.
To increase business resilience and reduce the risks that could be caused due to global warming.
This article was just a glimpse of the much larger concept of Sustainability. Stay tuned for more!
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