Economic sustainability, Summary
Abstract
Summary
According to the term triple bottom line, sustainability depends on the balance between the three pillars: environmental, social, and economic. Environmental sustainability focuses on maintaining the quality of the environment, social sustainability strives, e.g., to ensure human rights and equality, and economic sustainability is important when maintaining the natural, social, and human capital required for income and living standards. Complete sustainable development is not easy to achieve, while a certain pillar of sustainable development becomes sustainable, others can become unsustainable, especially with regard to environmental sustainability, on which the overall capacity
of development depends.
The definitions of economic sustainability are various depending on the approach and sustainability label used. In the inside approach, economic sustainability is interpreted either from the perspectives of very weak or weak sustainability. From the perspective of very weak sustainability, “. . .economic sustainability is the ability of an economy to support a defined level of economic production indefinitely.” The core idea is how organizations stay in business.Weak sustainability links economic sustainability with productive efficiency and economic growth. Thus economic sustainability means the use of various strategies for employing existing resources optimally so that that a responsible and beneficial balance can be achieved over the longer term. In the outside or stakeholder view, “strong sustainability” position is emphasized. According to it, economic sustainability means that economic systems support sustainable social and environmental outcomes, where economics is the process through which humans create social and environmental outcomes. On the background of various definitions and views about economic sustainability are different values among individuals and societies. Full
agreement has yet to be reached.
... in non-business contexts, it concerns how the activities of the organization influence society over time (Jeronen, 2020). As a pillar of sustainability, economic sustainability generally takes the outside approach, which requires that the production system not only provides people with what they need in an efficient way but also considers the needs of future generations regarding natural resources. ...
Education for sustainable development (ESD) in the higher education context plays a critical role in advancing the cause of sustainable development. However, previous research on university students' perceptions of sustainable development is limited. This study used a corpus-assisted eco-linguistic approach to investigate students' perceptions of sustainability issues and responsible actors to address these issues. This quantitative and qualitative study is based on a corpus of 501 collaborative essays on sustainability written by ~2,000 Chinese university students collected with their permission. The results show that the students had a comprehensive perception of the three dimensions of sustainable development. Environmental issues have received the most attention from students, followed by economic and social issues. With regard to perceived actors, students were inclined to view themselves as active participants in the cause of sustainable development, rather than as observers. They called for coordinated action of all relevant parties, such as the government, business sectors, institutions, and individuals. On the other hand, the author also noticed a tendency toward superficial green talk and anthropocentrism in students' discourse. This study aims to contribute to sustainability education by integrating findings into English as a foreign language (EFL) classes. Implications for sustainability education in the context of higher education are also discussed.
MSMEs are small business entities that have contributed to Malaysia’s significant economic performance. The COVID-19 pandemic forced most MSMEs to close down their business. This chapter highlights economic, social, and environmental aspects to be embedded in business activities. The three countries’ comparison, composed of Malaysia, New Zealand, and India, analyzes the trend implementation policy toward the three areas of sustainability. These are chosen to represent the different groups of income and find out the differences in support from the government and stakeholders. Based on the analysis, these countries are having good support in terms of economic and social aspects, while there are very limited voluntary principles implemented by the MSMEs in terms of environmental sustainability. In summary, with the help of various authorities, it is hoped that MSMEs will be able to fulfill all areas of sustainability in business activities. The limitation of this study is only reviewing the literature from previous studies and policies that had been implemented in the selected countries. In the future, a detailed analysis must be conducted by involving the respondents from MSMEs, various agencies, and stakeholders, by having a better understanding of the sustainability among MSMEs.
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