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.