Abstract

In a paper published in Science in 1995, a team of researchers led by Nobel prizewinning Economist Kenneth Arrow questioned the validity of the EKC hypothesis that “pollute first; clean up later” as this approach is full of many flawed. The UN has shifted to the idea of sustainable development in part because of climate change. According to the Intergovernmental Panel on Climate Change, if climate change is left unchecked, it will increase the likelihood of severe, irreversible changes to our ecosystems. Sustainable development will also help the development needs of the poor and most vulnerable, who have contributed the least to the climate change problem. The economic growth has many benefits to the society but these are for short terms. In the long term, the world actually needs sustainable development. We are living with all the countries of the world. All the countries should understand that when a country is in its initial stage of economic development, economic growth is necessary. But, when the country's basic needs are fulfilled then it is moral duty of that country to switch on to the policy of sustainable development for long term objectives of future needs of the world. If all the countries will not recognize this then we will force to live in a deteriorating environment. Among the most difficult problems which sustainable development has to solve is poverty and ensuring food for everyone on the planet. There are in fact three basic aspects of sustainable development namely Economic (system must able to produce goods and services on a continuing basis, to maintain manageable levels of government and external debt, and to avoid extreme sectoral imbalances which damage agricultural or industrial production), Environmental (system must maintain a stable resource base, avoiding over-exploitation of renewable resource systems and depleting non-renewable resources only to the extent that investment is made in adequate substitutes) and Social (system must achieve distributional equity, adequate provision of social services including health and education, gender equity, and political accountability and participation). Sustainable development requires the elimination of fragmentation; that is, environmental, social, and economic concerns must be integrated throughout decision making processes in order to move towards development that is truly sustainable. Sustainability is the action oriented variant of Sustainable Development. In a broader manner the principles of sustainability includes protecting nature, thinking long-term, understanding systems within which we live, recognizing limits, practicing fairness and embracing creativity.

Keywords: sustainable development, economic development, economic growth, environment, social