Sustainability- the Concept and its Economic Approach

Abstract

More than ever before, we need to understand now that there is an intimate connection between the economics of development and the environment. In the recent years, public debate has tended to focus on trade-off between conservation and economic growth. The conventional belief avers that in order to grow, countries have no choice but to deplete their resources, saving environmental concerns for a later, wealthier stage of development. The surplus from growth process can be spent for remedying environmental degradation created along the way. Many developing countries plead that due to excessive pressure on their natural resources for the sake of development and meeting demands of their population, they cannot afford the luxury of environmentalism. Environmental economics considers the environment as an integral part of economic growth. Development is not genuine if it is not sustainable.