Sustainable economic growth is economic development that attempts to satisfy the needs of humans but in a manner that sustains natural resources and the environment for future generations.
An economy functions in the ecosystem, which provides the factors of production that fuels economic growth: land, natural resources, labor, and capital. Sustainable economic growth is managing these resources in a manner that they will not be depleted and will remain available for future generations.
An increase in the amount of physical capital goods in the economy, technological improvement, growth of the labor force and increases in human capital are the few ways to generate economic growth.
Traditionally, aggregate economic growth is measured in terms of gross national product (GNP) or gross domestic product (GDP).
In brief, economic growth talks about an increase in the production of economic goods and services to satisfy human needs, but an Economic growth that endeavours to satisfy human needs but at the same time natural resources are sustained for the future generations is called Sustainable economic growth.
From the Book – ‘ Know Everything about Corporate Social Responsibility ‘
Available on Amazon.in
Also Read:
- What is Crony Capitalism?
- What Is Capitalism?
- What is Socialism?
- What is Free Enterprise?
- What is Third World?
- What is the Fourth World?
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