Why is environmental sustainability more important than economic growth and relationship between environmental economics and natural resource economics?
Balancing environmental sustainability and economic growth is essential. Economic growth can improve living standards, but it shouldn't harm the environment. Environmental economics and natural resource economics focus on responsible resource use. Sustainability is critical for long-term well-being, but it doesn't mean sacrificing growth. Both can coexist through sustainable practices and green technologies. Striking a balance is key.
Pollutants generated by economic activities accumulate in the environment, reducing ecosystems' ability to regenerate and provide us vital services. Environmental degradation affects not only plants and animals but also people. Protecting the environment is more important than the economic growth of developing countries because the economic growth of industrial nations has negatively impacted the environment to the point where the quality of life has been declining globally, both ecologically and in terms of health. Without the proper reverence for the Earth, we may run out of necessary natural sources that afford us the comforts of life to which we've become accustomed. Additionally, environmental protections save lives by reducing world hunger, global warming, natural disasters, polluted water and soil, and pesticides. Climate change has brought about threats like poverty and food insecurity, and while rapid economic growth has helped reduce food insecurity to some extent, extreme hunger and malnutrition continue to pester several parts of the world. 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. The basis for this view is the idea that environmental quality comes only after basic needs such as food and housing are met. So, countries should focus initially on economic growth even if it comes at the expense of environmental quality. The environment provides major raw materials for industries. Economy processes raw material to make finished goods. The environment provides industries with all the natural resources. The critical difference in the study of natural resource economics and the environmental economics is that the natural resource economics is interested in the demand, supply, and distribution of natural resources, while environmental economics studies the environmental issues. Extracting, processing and using natural resources can cause environmental problems such as: air, land and water pollution; disruption or destruction of ecosystems; and a decrease in biodiversity. Whilst environmental economists are concerned with the efficient allocation of natural resources, ecological economists figure out the cost-benefit of preserving or protecting natural resources.
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