Economic Growth Versus Sustainable Development
Development refers to the improvement of something. It is not only the improving of conditions. The word “development” can also mean change or improvement. Development occurs in various places and forms. In the analysis of the social economy, social and economic development is the process through which an individual, community, state, or an entire country improves as per specified goals and objectives as identified in the social economy planning framework.
The current discussion on development tends to focus on three broad areas: economic development, human development, and the promotion of sustainable development. Economic growth is the accumulation of surplus value created by the production of output. Human development is inclusive of physical, mental, social, and spiritual development. The last includes both economic growth and the improvement of quality of life. All three areas contribute to a sustainable development approach.
The goal of sustainable economic growth and development is inclusive of economic, social, and ecological wellbeing. It is the gradual improvement of these three areas through sustainable technology, social structure, and cultural norms. The idea behind sustainable development is that people, society, and natural resources are interdependent. When one element is destroyed, there are likely to be others that will become extinct. Therefore, the use of natural resources for economic growth and development, and the preservation of the natural environment, is necessary for ensuring the survival of people and other species.
A well-being approach, on the other hand, considers the whole person. It considers the strengths and weaknesses of the human mind, body, and spirit, as well as their interactions with the external world and each other. A well-being approach, as opposed to economic growth and development, aims to ensure that people have a basic understanding of their rights, their place in the society, their ability to participate meaningfully in public life, and the factors that motivate and affect their decisions. The goals of sustainable development are also long-term ones. They aim to prevent against depletion of natural resources and to maintain and replenish the natural environment.
The difference between economic and sustainable development is that sustainable development aims at maintaining the natural resources, while economic growth and development takes advantage of them. While both may have a positive or negative impact on a country, sustainable development is concerned with the long-term viability of a country. Economic growth and development on the other hand, is usually associated with short-term benefits like increasing consumer purchasing power, increasing investment income, and making a company more efficient.
The difference between economic and sustainable development is often perceived as a zero-sum game: if one is lost, the other must be won. This is not necessarily true. Both types of development can have an overall positive or negative impact on a country. In the case of economic growth and development, however, these gains are distributed among many people in a society, thus creating a positive impact on the national economy. Although sustainable development has the long-term objective of preserving and enhancing natural resources, its immediate goal is to improve the living conditions and standard of living of the local population.