Is economic development compatible with environmental sustainability and why is it important to maintain environmental balance?
Sorry but this is not the right question. The question should be if economic development destroys the planet at the rate it is doing, will we continue to have economic development or will we all die from natural disasters, droughts, poor harvests and pollution?
The central assumption is that economic growth can continue while reducing resource use, environmental pressures, and impacts. Resource use and environmental pressures can be absolutely decoupled from growth, and we can halt climate change and biodiversity loss without adversely affecting economic growth. Environmental problems are basically man-made and economics has solution for them. Economic growth will be undermined without adequate environmental safeguards, and environmental protection will fail without economic growth. The earth's natural resources place limits on economic growth. Economic policies such as rationalization of price subsidies, the clarification of property rights, and facilitation of technology transfer may help in achieving environmental sustainability. Rationalizing subsidies will save money, improves efficiency and can significantly lower pollution. Economic sustainability is all about giving people what they want without compromising the quality of life, especially in the developing world. Environmental sustainability: It is the process of meeting the needs of air, food, water, and shelter as well as ensuring that the environment is neither affected nor polluted. Economic sustainable development is balanced economic growth, free of indebtedness and over-consumption of factors of production, and activities that take into account the carrying capacity of the environment and future generations. In the long term, environmental problems can have a severe impact on human life, both physically and mentally, as well as disrupting economic stability. Therefore, it is essential to implement environmental economics to reduce environmental problems and create a more sustainable society. Economic growth, in turn, is important for the prosperity and wellbeing of the economy and its citizens – in both advanced economies and in the developing world. It stimulates advances in technology, such as those that will be needed to continue decoupling consumption and production from their environmental impacts. Environmental balance is maintained in the following ways: Through continuous operation of various natural cycles such as the water cycle, carbon cycle, oxygen cycle and nitrogen cycle. It is also maintained due to the existence of various food chains in the ecosystem.
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