What is Sustainable development of economics

Sustainable development lacks a single comprehensive and widely accepted definition.As a general approach to human development, it is often understood to include most, if not all, of the following goals, ideals, and values:

  • A global perspective on social, economic and environmental policies that consider the needs of future generations
  • Recognizing the vital importance of a healthy natural environment, including the importance of biodiversity
  • Protecting and respecting the needs of indigenous cultures
  • Cultivating economic and social equality in societies around the world
  • Responsible and transparent implementation of government policies 

The intellectual foundations of sustainable development are based on modern natural resource management, 20th century conservation and environmental movements, and progressive ideas of economic development.The first principles of what later became known as sustainable development were presented in 1972 at the United Nations Conference on the Human Environment, also known as the Stockholm Conference.The conference concluded that the continued development of industry is inevitable and desirable, but also that every citizen of the world has a responsibility to protect the environment.

In 1987, the United Nations-sponsored World Commission on Environment and Development published the Brundtland Report (also known as Our Common Future), which introduced the concept of sustainable development -defined as "development that does not compromise the potential of the future, meets the needs of the present generations" and explained how this could be achieved.At the 1992 United Nations Conference on Environment and Development (also known as the Earth Summit), more than 178 countries adopted Agenda 21, which outlined global strategies to restore the environment and promote environmentally sound development.

Since then, sustainable development has emerged as a central idea in international development theory and policy.However, some experts have criticized some features of the concept, including:

  • Its generality or vagueness has led to much debate about what forms or aspects of development qualify as 'sustainable'.
  • It lacks quantifiable or objectively measurable goals 
  • His perception of the inevitability and desirability of industrialization and economic development
  • Ultimately, it failed to prioritize human needs or environmental obligations, either of which might reasonably be considered more important in some circumstances.

Although the implementation of sustainable development has been the subject of much social scientific research—indeed, the science of sustainable development is sometimes considered a separate field—many intellectuals and scholars arguethat the primary value of sustainable development lies in its pursuit. perspective.These authors argued that simply trying to balance the three "pillars" of sustainable development—social, economic, and environmental—is an inherently positive practice.Even if an imbalance of outcomes is somewhat inevitable, it is best for policymakers to at least try to strike a balance.He argues that abandoning the concept of sustainable development altogether will worsen social, economic and environmental conditions worldwide, undermining all three pillars.

Despite widespread criticism, sustainable development has emerged as a key feature of national and international policies, particularly by UN agencies.In 2015, the UN General Assembly adopted the 2030 Agenda for Sustainable Development, which included 17 overarching goals designed to create a globally just society with a thriving environment.

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