Economic sustainability, Summary
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.