How is economy society and environment related to sustainability and importance of environmental economics and sustainability?
Economy, society, and environmental Economics are three core components of sustainable development. when the objectives of these three components are satisfied in an integrated way, the developmental activities will be sustainable. Environmental economics is a new branch of economics which deals with the inter-relationship between economy and environment, ways and means by which neither the former is impaired and nor the later is impeded. when we are exploiting natural resources further and further for economic development, resource depletion will happen and we are forced to handover a resourceless environment to the future. So, every of our developmental activities should be sustainable in nature with efficient and economic utilisation of economic resources.
Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. This implies that we need to look after our planet, our resources and our people to ensure that we can live in a sustainable manner. With the economic sustainability ecological system is maintained and all the environmental terms are kept in balance. Natural resources are consumed by humans, taking care that they are preserved, for future generations. Sustainability is all about keeping these three pillars in balance. The environment is the service provider that enables human society to exist. Human society creates the conditions, rules and relationships that support economic activity. Sustainable development can be applied to corporate policy in the business world as it encompasses three key areas: economic, environmental and social. Sustainable development requires that a company must contribute to economic growth, social progress and promote environmental sustainability. Economic Development refers to the development of the economy in terms of financial progress, advancement in technology and improvement in standard of living. Sustainable Development means the use of available resources in such a manner that present and future generations can reap the benefits. Ordinarily speaking, it is a situation in which economic development does not decrease over time, Sustainable development is the development that is everlasting. Sustainable development is a process in which natural resource base is not allowed to deteriorate. Environmental economics promotes sustainable development, economic valuation of natural resources, and strategies for stability by addressing issues like externalities and other environmental concerns. Its objective is to balance the sustainability of the environment and economic development for the benefit of society. Environmental sustainability is the ability to maintain an ecological balance in our planet's natural environment and conserve natural resources to support the wellbeing of current and future generations. Economic sustainability is important because it describes how societies can maintain their current financial structures and what steps might be necessary to improve the system for greater sustainability long term.