Economic Aspect Of Sustainability

Submitted By sheldon2507
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Various Aspects of Sustainability
Sustainability is defined as meeting the needs of the present without compromising on the needs for the future. In other words, it is striking a balance between 3 aspects - Environmental, Social and Economic.

Below mentioned is the detailed explanation of each aspect.
1) Environmental Aspect of Sustainability – this involves nurturing and looking after our surroundings. It focuses on the elements available to us naturally i.e. gifts of nature. Eg. Planting and preservation of trees and forests, keeping our surroundings clean, taking care of the wildlife, reduce dependence on luxuries like ACs, cars etc which cause pollution. Hence, as the definition suggests, the environmental aspect of sustainability aims at smart using, preserving and conserving natural resources.
2) Social Aspect of Sustainability – this aspect of sustainability focuses of treating all equally and fairly. Bifurcation on grounds of caste, creed, color etc. are completely unacceptable, as we are all a part of the planet earth and possess equal rights to live happily and in peace. Eg. Not granting a person a position in the organization on the ground of religion, colour or ethnicity, passing harsh remarks to people of different origins, etc. are all behavioural aspects that affect the living of people in a harmonious society.
3) Economic Aspect of Sustainability – this aspect focusses more on individual financial stability. Money is a very important factor of survival in today’s world and hence, we need to work hard and strive to ensure that we have no financial dependence on another and have to plan and save our resources for future calamities and difficulties that may occur. Eg. In times of illness/sickness – medical treatment can be of high expense. Propoer planning and saving can help us provide for ourselves without financial dependence. Another example would be loss of an individual’s employment/job. Hence we need to forsee and plan for a safer future without financial dependence on anyone else.
Overlapping of the Aspects – As the above diagram suggests, there is also an overlapping of these aspects. Below mentioned is a detailed review of the same.
1) Environmental – Social – When these 2 aspects of Sustainability overlaps it suggests that we need to plan for our lives and happy living in the society without harming the environment. Planning and ensuring optimum utilization of natural resources, will help and enable us to live a good live at present along with conserving and preserving the resources for the future. Eg. Forest fires, drought etc need to be considered prior to undertaking construction projects.
2) Environmental –