How can sustainable economic development be achieved?It concerns economics and a long answer will be appreciated.... It does not concern any specific country's economy but general economic...

How can sustainable economic development be achieved?

It concerns economics and a long answer will be appreciated....

It does not concern any specific country's economy but general

economic development...

Asked on by yash-123

2 Answers | Add Yours

pohnpei397's profile pic

pohnpei397 | College Teacher | (Level 3) Distinguished Educator

Posted on

Of course, if we knew for sure how to achieve sustainable economic development, there would be no less developed countries.  So sustaining economic development is easier said than done.  However, the general idea is that a country must build a number of things in order to get economic development.  Among them are:

  • A good physical infrastructure.  There is a need for good roads, ports, and railroads.  There is also a need for reliable water and electric supplies.  All of these are needed so that businesses can operate consistently and can get products to market.
  • A good educational system.  This is needed so that an economy can have workers who can be productive.  Without educated workers, an economy will be stuck with most low-skilled jobs.
  • A good government that is not corrupt and does not pursue policies that make it hard for firms to create new jobs.

These are among the things that must be in place to have sustained economic growth.

brettd's profile pic

brettd | High School Teacher | (Level 2) Educator Emeritus

Posted on

In addition to the above good points, I would think any kind of sustainable economic development has to be based on two things, one of which is more achievable, in my opinion, than the other.

First, an economy has to be fundamentally based on a sustainable energy source.  This means renewable energy as opposed to that which must be mined, drilled or otherwise secured.  We have both the technology and the means with which to make that switch in the near future, although we do lack the political system that is capable of rocking the boat, and the popular will to change personal habits on such a scale.

Secondly, the world's population cannot keep growing at this rate.  There are finite resources on Earth, especially, but not limited to, arable land and fresh water.  It's a simple mathematical equation that we cannot continue to add 100 million people per year to the planet and expect a sustainable economy to emerge.  Actually, the population needs to decrease to a more reasonable level.  Since that is unlikely, Mother Nature will do it for us at some point.

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