Economic Sustainability

Abstract

Economic growth and productive efficiency Definition/Description The definitions of economic sustainability are various depending on the approach and sustainability label used. In the inside approach, economic sustainability is interpreted either from the perspectives of very weak or weak sustainability. The former stresses how organizations stay in business looking at the issues of corporate turnover and brand reputation and considering these to be at the heart of economic sustainability (Doane and MacGillivray 2001). The latter links the concept with productive efficiency and economic growth (Foladori 2005). Within a business context, this means using the assorted assets of the company efficiently to allow it to continue functioning profitability over time (BusinessDictionary 2018). Economic growth may take place at the expense of natural resources, ecosystem services, or welfare if the total capital stock is maintaining through time (Turner 1993). In the outside approach, it is looking first at the economic impacts an organization has on society emphasizing thus strong sustainability position. Economic sustainability is understood as economic development without any loss of ecological or social sustainability. Economic capital cannot grow at the expense of natural or social capital. Economic sustainability means the allocation of resources over time (Markulev and Long 2013) and also intergenerational equity (Anand and Sen 2000). It emphasizes a production system which offers the highest level of well-being for current and future generations (Markulev and Long 2013) without compromising future needs (Basiago 1999). Economic sustainability, as one of the sustainability pillar (Elkington 1994), is necessary to maintain the natural, social, and human capital required for income and living standards.

A corpus-assisted discourse study of Chinese university students' perceptions of sustainability

“…When the issue is approached from the inside, i.e., the organization in business contexts, the concept involves the efficiency of production and economic growth. From the outside perspective of the stakeholders in non-business contexts, it concerns how the activities of the organization influence society over time (Jeronen, 2020 ). As a pillar of sustainability, economic sustainability generally takes the outside approach, which requires that the production system not only provides people with what they need in an efficient way but also considers the needs of future generations regarding natural resources.…”

The Perils of Asymmetrical Technological Changes in a Knowledge Economy with Complete Markets

“…On the other hand, social sustainability involves ensuring that all individuals' basic needs are met and that they are provided with equal opportunities to improve their conditions [36]. Finally, economic sustainability can be informally defined as the ability to maintain a level of economic activity that does not compromise the well-being of future generations or degrade the natural and financial resources that support it [37]. This definition does not address several issues, such as inequality or unemployment, that are relevant for the social pillar.…”

Urban form and economic sustainability in housing projects

“…Followed him, Goodland, who questioned the feasibility of uncontrolled growth and exponential consumption, he disputed the importance of embracing the forms of capital natural, social and human not only to money [8,9]. Although Goodland's argument seems logical, the dilemma occurs when trying apply the concept of economic sustainability to practice in the urban design field, as the application requires fashioned methods to balance between long-and short-term benefits [10].…”