key term - Sustainability

Definition

Sustainability refers to the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs. It is a holistic approach that considers the long-term balance between environmental, social, and economic factors to ensure the well-being of the planet and its inhabitants.

5 Must Know Facts For Your Next Test

1. Sustainability is a key consideration in the economics of pollution, as it involves balancing economic growth with environmental protection.
2. International environmental issues, such as climate change and biodiversity loss, are closely linked to the concept of sustainability and the need for global cooperation.
3. The tradeoff between economic output and environmental protection is a central challenge in achieving sustainability, as economic activities often have negative environmental impacts.
4. Sustainable practices, such as the use of renewable energy, sustainable resource management, and the implementation of green technologies, can help mitigate the environmental costs of economic development.
5. Achieving sustainability requires a multifaceted approach that considers the interconnected nature of economic, social, and environmental systems.

Review Questions

• Explain how the concept of sustainability is relevant to the economics of pollution.
  • The economics of pollution is directly related to the concept of sustainability. Pollution generated by economic activities can have long-term negative impacts on the environment and the ability of future generations to meet their needs. Sustainability requires balancing economic growth with environmental protection, such as through the use of pollution-reducing technologies, the internalization of environmental costs, and the promotion of sustainable production and consumption patterns.
• Describe the role of sustainability in addressing international environmental issues.
  • Sustainability is a crucial consideration in addressing global environmental challenges, such as climate change and biodiversity loss. These issues transcend national borders and require international cooperation and coordinated efforts to mitigate their impacts. Sustainable practices, such as the transition to renewable energy sources, the protection of natural habitats, and the implementation of sustainable resource management policies, are essential for addressing these pressing international environmental issues and ensuring the long-term well-being of the planet and its inhabitants.
• Analyze the tradeoff between economic output and environmental protection in the context of sustainability.
  • Achieving sustainability requires navigating the complex tradeoff between economic output and environmental protection. Economic activities often generate negative environmental externalities, such as pollution and resource depletion, which can compromise the ability of future generations to meet their needs. Sustainable development seeks to find a balance between these competing priorities, leveraging technological innovations, policy interventions, and shifts in consumer behavior to promote economic growth while minimizing environmental harm. This requires careful consideration of the long-term consequences of economic decisions and a commitment to sustainable practices that prioritize the well-being of the planet and its people.

Related terms

Renewable Resources: Natural resources that can be replenished or regenerated within a reasonable timeframe, such as solar, wind, and hydropower.

Circular Economy:

An economic system that aims to eliminate waste and the continual use of resources by reusing, recycling, and regenerating materials in production and consumption processes.

Environmental Footprint: The measure of the impact human activities have on the environment, including the consumption of natural resources and the generation of waste and pollution.