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This implies that the maintenance of sustainability is based on strict standards that are steeped in defining the right volumes of the exploration of natural…
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Download file to see previous pages... Economics on the other hand views sustainability in relation to value because Economics fundamentally examines the relationships between ends and scarce means. Hence, the scope of Economics covers the ability to maintain a financial worth of the products and services over a period of time when they are demanded and needed by constituents of the society and the community. This has to do with elements and aspects of behavioural matters and behavioural techniques that are used by the various constituents as a means of examining and evaluating various variables to identify the way people seek to maximise their ends in relation to the resources available at every point in time. Hence, the position taken by Economics is one that utilises aspects of the rational human being and how s/he seeks to maximise returns of a given stock of resources as opposed to the natural science approach which uses scientific methods to estimate the stock of natural resources without the inclusion of human sentiments and human expectations.
Neoclassical Economics is about the use of various aspects of rationality to attain maximum returns from a given level of resources. Thus, the neo-classical Economists argue that the rational consumer must seek to attain the most from a given level of inputs whilst the rational producer also produces the highest volume of products with a given volume of stocks. Thus, in viewing this, neo-classical Economics are meant to provide a framework within which people will gain the most from what they utilise or seek to use. Thus, the two concepts and the two ideas are synthesised to suggest that neo-classical economics seeks to support a position where the society work to attain the most from the environment.
Social and Ecological complexity on the other hand asserts that there must be some degree of sensitivity to the consumption of natural resources and in utilising aspects of the natural environment. Hence, the consumer will have to ensure that he ...Download file to see next pagesRead More
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