StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Sustainability in Neo-Classical Economics - Coursework Example

Comments (0) Cite this document
Summary
The paper “Sustainability in Neo-Classical Economics” debates on sustainable development focusing on the maximizing economic benefits, achieving equilibrium in the market due to the efficient resource allocation. But at the same time, damage to the environment is not taken into account.
 …
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER93.9% of users find it useful
Sustainability in Neo-Classical Economics
Read Text Preview

Extract of sample "Sustainability in Neo-Classical Economics"

Download file to see previous pages The notion of sustainability relates to the 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 an explanation of these concepts, which would allow an in-depth understanding of the issue of compatibility of the neoclassical theory of economics that has been studied in detail in the latter part of the paper.
‘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 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. In 1987, the World Commission on Environment and Development implemented this notion in the political agenda of the Commission (Mulder and Bergh 2001). Since then politically the concept of sustainable development has become an important issue in the development process of the countries around the world. 
The world has experienced severely rising interest on the issue of sustainable development in the past two decades. 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 a 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 a 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 create 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. ...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Economics and Sustainability (essay) Essay Example | Topics and Well Written Essays - 2000 words”, n.d.)
Economics and Sustainability (essay) Essay Example | Topics and Well Written Essays - 2000 words. Retrieved from https://studentshare.org/macro-microeconomics/1481370-economics-and-sustainability-essay
(Economics and Sustainability (essay) Essay Example | Topics and Well Written Essays - 2000 Words)
Economics and Sustainability (essay) Essay Example | Topics and Well Written Essays - 2000 Words. https://studentshare.org/macro-microeconomics/1481370-economics-and-sustainability-essay.
“Economics and Sustainability (essay) Essay Example | Topics and Well Written Essays - 2000 Words”, n.d. https://studentshare.org/macro-microeconomics/1481370-economics-and-sustainability-essay.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Sustainability in Neo-Classical Economics

International Business Economics

According to Adam Smith, the absolute advantage would be realised as long as the cost of production differed from between countries, one or both countries would gain by trading. An example to illustrate this is a situation where we have two countries A and B which produce two similar goods X and Y. The figures show labour cost in hours for producing one unit of a good

David Ricardo formulated the theory of comparative advantage and argued that even if one country is more productive in both lines of production it would be still profitable to trade. Country A is more productive in both lines of production but it will still be profitable to trade with country B, this is shown by first stating that country A is more advanta...
6 Pages (1500 words) Assignment

Business Economics: Small and Medium

The entry of small firms into the global markets has proven to be the main aspect of the creation of economies of scale. Markets are fast evolving to the needs of varied tastes and customer preferences, so necessary knowledge and technology asset has a major role to play for small firms to rise and to match up to the situation. However, small firms are characterized by “smallness of the market share (a large number of similar-sized firms) and hence lack of individual market power, corresponding to the theoretical concept of Pure Competition.” (Waite 1973. P. 154).

They need to overcome the handicap of smallness by strategic alliances and mergers with larger or technically more competent entities. Small firms...
10 Pages (2500 words) Assignment

Neo-Nazis, Skinheads, and the White Aryan Resistance

Neo-Nazi groups believe in white supremacy but put Jews above other minorities on their hate list. For a Neo-Nazi the myth of world domination, whether through manipulation, force, or controlling money by Jews is a reality (Langer, p. 119). Neo-Nazis also believe all races, except for whites, and homosexuals are inferior. Basically what Hitler preached in the Third Reich is what the Neo-Nazis believe, except these men and women are Americans.
As with the Neo-Nazis, the Skinheads in this paper will be limited to individuals not participating in an organized group, but are proclaimed to hold Skinheads beliefs. Skinheads are white supremacists involved in extreme music and violence. Jack Moore (1993, p. 3) explains:
The ski...
8 Pages (2000 words) Assignment

Issues in Applied Economics

A major issue then, becomes the convincing obligation by the polity not to abuse its force. Because institutions are planned by people with different bargaining powers and not for sake of effectiveness, some models may be less competent than others and due to path dependency, may continue for a long time, resulting in sluggish economy. The shortage of realistic commitment by the state not to suitable property human rights accounts for the incompetent institutions that have developed in different countries. To humor, such situation provides disincentives to investment in socially profitable enterprises, and generates groups with vested interests in preserving the status quo constraints.

Institutions present the fundament...
6 Pages (1500 words) Term Paper

Economics or Ethics

Several CEOs in America have in coalition with top managers deviated from the norms of corporate governance and caused immeasurable woes to the stakeholders. Using their power and ego they chased the wealth for personal gains without any concern for the shareholders or other stakeholders of the company. Enron, the world’s largest energy trader at one time, had to file bankruptcy under Chapter 11 when about 5000 workers lost their job (Bhattacharya, 2004). Arthur Anderson, one of the big five auditing firms was charged to have colluded with the management to misappropriate funds and project a picture different from the reality. Income was inflated and then all concerned papers were destroyed. The leadership at Enron was conce...
6 Pages (1500 words) Assignment

The Promotion of Sustainability through Schools

The promotion of sustainability through schools and other educational sites can be characterized as rather satisfactory; however, additional efforts should be made in order to increase the interest of learners on environment-related issues. The role of teachers in the success of this effort will be decisive. In accordance with the study of Olson's (2007, online article) ‘research shows that teachers matter more to student learning than any other school-related factor; yet the effectiveness of individual teachers varies widely’. In other words, teachers and school administrators are expected to have a central role in the promotion of sustainability in education – including its higher levels. On the other hand, res...
7 Pages (1750 words) Research Paper

Managerial Economics and Business Environment

Once the above said subject matter is clearly sorted out, the next emphasis would be on the concepts like the opportunity costing, incremental principle, marginal principle, discounting principle, the principle of time perspective, and calculation of economic profit as the guidelines to the scope of managerial economics. (Surender. V, 2008).
To start with, we consider a firm for which different processes have to be carried to achieve its objectives of profit maximization (assuming that all the organizations work with the view to maximize profits). If firms from different sectors are identified simultaneously, then the working of the economy as a whole could also be analyzed which in turn is useful in the decision-making proce...
15 Pages (3750 words) Assignment

Art History: Catalan Chapel and Classical Greek and Republican Roman Sculpture

Characteristic of a fresco, the piece is made with secco placed on plaster and wood. Originally part of the church structure, the entire fresco was removed and went through several sales before being acquired by the Boston museum. Part of its ability to astound is its massive size. It measures approximately 21 feet at its tallest point and more than 12 feet across. Because it was originally intended to decorate the interior of a small circular area of the church, it is not flat either, but rather has a concave presentation forcing the museum to dedicate approximately 9 feet of space in depth to accommodate it. As a result of its origins and intent, as well as age and travels, the piece has sustained heavy damage, particularly alon...
7 Pages (1750 words) Assignment

Business Sustainability and Society: Coca-Cola Company

...Running Head: Business Sustainability & Society Business Sustainability & Society [Institute’s Business Sustainability & Society Introduction Since centuries, ethics has been a crucial and significant component of the human societies that contributed enormously in the creation of norms and values through religious influences, as well as through contribution of intellectuals and philosophers in the society. Unfortunately, nowadays, it is an observation that individuals, organizations, and even nations have commenced to overlook the phenomenon of ethics in their practices, specifically in the business sector that has become the major stakeholder confronting criticisms related to ethical practices. Critics (Crane, pp. 23-29, 2007) argue...
10 Pages (2500 words) Case Study

A Positive Move Towards Environmental Sustainability

Countries such as the Netherlands have strict environmental policies that attract penalties. In this essay, I will analyze the policies that have been developed by Sweden, one of the countries that have done very well in developing and implementing its environmental policies. On the other hand, a comparison will be drawn with Kenya, one of the developing countries that have demonstrated a positive move towards environmental sustainability.
Sweden is a country in Europe that has adopted very stringent measures to ensure environmental sustainability. Its environmental policy is a long-term strategy that is focused on ensuring that the next generation will have the fruits of good environmental measures. It is the sole responsibi...
8 Pages (2000 words) Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Coursework on topic Sustainability in Neo-Classical Economics for FREE!

Contact Us