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Economics and Sustainability ( ) - Essay Example

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Macro & Micro economics Introduction Neo classical economics is the theory of economics that deals with the optimization problem of the two most important agents in the economy; sellers and buyers. In simple words, the theory revolves around the concept of price mechanism followed in the free market economy and the market allocation of resources from within the opportunity sets (Endres 2002, 6)…
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Economics and Sustainability (essay)
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Economics and Sustainability ( )

Download file to see previous pages... The notion of sustainability relates to creation of economic and social conditions through activities of the present generation for their own existence and maintenance of these conditions in such way that the future generations are able to maintain their own existence (EPA 2013). The following section defines the basic concepts of sustainability and provides explanation of these concepts, which would allow an in depth understanding of the issue of compatibility of the neo classical theory of economics that has been studied in detail in the latter part of the paper. Concepts of sustainability ‘Sustainable development’ is a concept that has gained importance in the late 1990s. It encompasses a vast area of understanding of the path of development of the modern economies. However, in common understanding the ‘sustainable development’ or simply sustainability refers to the path of development for the current generation in these countries. It signifies the way in which the current generation utilizes the resources for satisfying its necessities without indulging in excessive consumption of the resources that the interest of the future generation is hampered. ...
Although it came into political light after the 1990s, economists have been devoting huge to the phenomenon of interaction between the ecology and the economy since the 18th century (Mulder and Bergh 2001). In this context, development means that the resources are utilized in conscious manner in the current period so that enough resources are preserved for the future generations for the fulfilling of their interests (Asheim 1994, 35). The purpose of taking such development initiative is to allow all generations to come to live a standard life. However, human activities involving the three interfaces; society, environment and economy creates a range of opportunities for the optimization of profit objectives of business organizations, but in most cases the core concept of sustainability is ignored while performing this pure economic optimization exercise. Neoclassical theory As already mentioned above, neoclassical economics is the theory of optimising ones utility by making economic choices. In most basic terms, utility is derived by consumption of a commodity if the commodity has such qualities that can satisfy some particular desire of the customer. This is also applicable to services (Jain, et al. 2007, 10). Individuals, that are part of the labour force of a country, own labour power. They offer labour power to the producers (firms) and are employed by them. The marginal value of the labour input incurs marginal profit for the producer. From the consumers’ side, the employees are themselves customers in the economy and the amount of wage received strikes a balance between the income earned by them and the opportunity cost of losing some amount of leisure due to working. The workers spend their income on goods and services by demanding them ...Download file to see next pagesRead More
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