A broad definition was given t... free essay sample

A broad definition was given to sustainable development by Brundtland report which states sustainable development as progress in attaining needs of todays generation without conceding the needs of forthcoming generation(Hopwood, Mellor et al. 2005) this report was published during the year 1987 by the WCED as our common future. The main objectives of this report are (Lawn 2005)†¢ Refreshment of growth,†¢ Change in growth quality,†¢ Meeting the requirements of employment, food, liveliness, water and hygiene,†¢ Safeguarding a maintainable population level†¢ Resource based improvisation and preservation†¢ Reorientation of technology for management of risk†¢ Integration both environment and management in key decision makings of the projectTo attain sustainability three important pillars are to be considered they are social, economic and environment sustainability all these factors to be treated in equal harmony to attain sustainability (Jackson, Marks e t al. 1997)SUSTAINABLE ECONOMIC GROWTH:Sustainable economic development is the growth in economy satisfying human requirements with minimal usage of resources thereby protecting reserves for upcoming generations. We will write a custom essay sample on A broad definition was given t or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Economy always functions with the ecology and it is impossible to separate economy from ecology which provides the production factor that contributes to growth of economy. Sustainable economy growth will manage these factors in such a way that these resources will not deplete and will be remain for next generations (Bithas and Christofakis 2006)Economic development depends on output the higher the output the larger the growth. Out put of a certain product is generally measure by using GDP at fixed price such that variation in prices will not affect GDP (Santagata 2002)Sustainable economic growth means maintaining a certain growth rate without disturbing or creating other economic problems. Growth periods are indicated by demand rise such as increase in consumer expenditure this demand should be on par with sustainable growth to increase output otherwise rise in demand will lead to rise in price (MacNeill 1989)Excessive sustainable economic development can lead to (Jackson and Senker 2011):1) Inflation of products and services2) Difficulties in trading3) Shortage of labor4) Inflation of wages5) High creditsLittle or negative growth can lead to (Barbier and Markandya 1989):1) Deflation of goods2) Surpluses of labor3) Unemployment4) Burden of debts5) deflation of house pricesAdvantages of Growth(Arrow, Bolin et al. 1995):1) Enhanced GDP per Capita:Rise in income increases wages and profits which in turn increase GDP per capita 2) More public and merit goods:Growing economy can increase tax revenue and more allocation of goods to public revenue such as roads, buildings, lights etc.3) More employment:Requirement of labor increases with growth thereby increasing employmentDisadvantages(MacNeill 1989):1) Negative Outcomes:As production increases negative outcomes such as pollution with respect to increased exhaustion of natural resources such as fossil energies2) Widened income gap:As economically growth increases gap between income also increases this leads to one g roup getting extra benefits while the other groups getting less benefits Conclusion(Castaneda 1999): Although sustainable economic growth is an important concept there are some disadvantages which should be considered while implementing sustainability