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 Course notes quick navigation

1 Introductory concepts 2  Market mechanism  3 Elasticities  4 Market structures 5  Market failures  6  Macro economic activity/eco growth  7 Inflation 8  Employment & unemployment  9  External Stability  10  Income distribution 11.Factors affecting economy  12  Fiscal/Budgetary policy  13  Monetary Policy   14 Aggregate Supply Policies  15 The Policy Mix

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Economically sustainable development

Development is a broad term that includes the improvement in a nation’s overall health, including material and many non-material factors, such as growth in incomes and wealth, as well as access to health facilities and education levels.  Sustainable development refers to the development of a nation at a pace that does not erode the ability of future generations to enjoy the same quality of life.  It implies some restraint on the part of current generations to safeguard the interests of future generations.  The most well-known definition of sustainable development is

“Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”

Increasingly, the government is giving greater attention to environmental considerations when pursuing economic growth.  In particular, concern for future generations has forced governments to undertake growth policies that account for the limits set by our physical environment.  Governments have, therefore, developed policies that seek to protect Australia from:

As a consequence, governments are much more reluctant to pursue high rates of economic (and employment) growth if these growth rates could not be sustained into the future without causing the problems referred to above.  In this respect, economic and environmental policies have become more closely intertwined.  

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