An Overview of Sustainable
Development
Sustainable development has been an issue of utmost
importance in the world for the past two centuries (20th and 21st
centuries). We define sustainable development as follows: “a process for
improving the range of opportunities that will enable individual human beings
and communities to achieve their aspirations and full potential over a sustained
period of time, while maintaining the resilience of economic, social and
environmental systems” (Munasinghe, 1992) .
Experts in sustainable development have agreed on a focal
issue regarding sustainable development; and that is the optimal model for sustainable development. This concept shall be
henceforth referred to as the ‘Sustainable
Development Triangle and Balanced viewpoint’. Sustainable development requires balanced and
integrated analysis from three main perspectives: social, economic and environmental
(Mohan Munasinghe, 2009) .
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Fig
1: Sustainable Development Triangle
For Sustainable development to be balanced, integrated
analysis from three main perspectives: social,
economic and environmental is
required. We treat each of these perspectives as domains/systems having distinct objectives and driving forces. It
should be noted that although the domains are separate, they are not
independent. They complement one another. As such, interactions among the
domains must be fluid.
Ø Environmental Sustainable Development focuses on protection of the
integrity and resilience of ecological systems.
Ø Social Economic Development reiterates on the achievement of
personal/individual (micro) aspirations and group (macro) aspirations, and the
enrichment of human relationships.
Ø Economic sustainable development which is our subject of interest aims
at ameliorating human welfare via increased production and consumption of
commodities (goods and services).
Understanding Economic Sustainable
Development
Economic development or progress is measured in terms of
welfare (or utility). Its measuring rod is the willingness to pay for goods and
services consumed. Typically, economic policies seek to increase the
conventional gross national product (GNP) and bring about improved efficiency
in the production and consumption of marketed goods and services. Employment
and price stability constitute the core objectives of most economic policies.
At the macro level, some researchers have highlighted the role of economic
forces such as world trade to explain differences in affluence and growth rates
of nations (Frankel, 1989) .
The modern concept underlying economic sustainability seeks
to maximize the flow of income that could be generated while at least
maintaining the stock of assets (or capital) which yield this income (Maler, 1990) . Economic efficiency
plays a key role in ensuring optimal consumption and production. Many argue
that unrestrained economic growth is unsustainable, and point out practical
limitations in applying the economic sustainability rule without additional
environmental and social safeguards. Problems arise in defining the kinds of
capital to be maintained (e.g. manufactured, natural, human and social capital
have been identified) and their substitutability. Often, it is difficult to
value these assets and the services they provide, particularly in the case of
ecological and social resources (Munasinghe, 1992) .
Sub-Saharan Africa and the world at large still have a long
way to go, in enabling sustainable development; be it environmental, social, or
economic. With united efforts, and commitment, we can make this dream reality,
so let’s join forces for this noble cause.
References
Frankel,
J. a. (1989, June). Does trade cause growth? American Economic Review,
pp. 379–399.
Maler, K. G. (1990,
November 5). Economic theory and environmental degradation: a survey of some
problems. Revista de Analisis Economico, pp. 7-17.
Mohan Munasinghe.
(2009). Sustainable Development in Practice - Sustainomics Methodology and
Applications (1st ed.). (M. Munasinghe, Ed.) New York, United States of
America: Cambridge University Press. Retrieved May 16, 2014, from
http://www.cambridge.org/9780521895408
Munasinghe, M.
(1992). Environmental Economics and Sustainable Development. UN Earth
Summit. Rio de Janeiro: World Bank Environmental Department, Washington
D.C., USA. Retrieved May 16, 2014
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