Economic & Social Aspects of Sustainability This Term Paper

Economic & Social Aspects of Sustainability

This paper addresses three economic aspects and three social aspects of sustainable development and how their current relevance differs from the more traditional views and practical applications. A quick definition of sustainable development is in order. It represents the development of some industrial or natural resource in order to meet the needs of the present without compromising the ability of some future generation to meet their own needs in a similar manner. Consider the new demands placed on all aspects of our industrial and natural resources in this new global economy. "Perhaps there is no more important question than the future, none that affects more deeply our private destinies and those of our children." (Heilbroner & Thurow, 1982) Demand continue to outstrip supply in many areas of society which adds new pressures on existing processes so the importance of the concept of sustainable development becomes clearer.The first economic aspect is the greater demand of oil and coal consumption. Our gluttony today will never be able to be maintained by future generations simply because the resources are each finite. As demand greatly increases around the globe and as the economies of former second and third world nations enter in the fray for economic production, we jeopardize our future generation's very livelihoods. Consider that just 100 years ago the amounts of available oil and coal seemed limitless. Today, we are forced to drill thousands of miles below sea and rock just to meet the current global demand for oil while at the same time coal production is clearing mines at record paces requiring deeper trenches and mines.

A second economic aspect is the faster cycles of boom and bust. Not only demand for oil and….....