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From there, a new system and process can be recommended and discussed in this blog.
Fundamentally, Economics focuses on managing limited means…
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Download file to see previous pages... om the supply side of Economics, the traditional proposition is that producers should exploit natural resources and subject them to the highest and best use possible. This implies that in our Capitalist dispensation, there is a risk and a possibility that if the fundamental concepts and ideas of Economics are employed, most natural resources are prone to becoming depleted. This is because Economics encourage businesses to exploit the natural resources to the best way and manner possible. This is because anything that can bring money that is not illegal can be pursued.
Traditional laws do not criminalise the massive exploitation of resources. This is because the mainstream process of making law is to fundamentally protect the people living in society. Hence, there was a general trend in which traditional Economics neglected the rights of the unborn. Thus, it is generally rare for laws to be made to strictly control the misuse and depletion of natural resources.
However, environmental awareness and the need for sustainability have grown over the past 50 years. And the fundamental premise of environmentalism is that there must be some kind of sensitivity to environmental concerns when dealing with Economics. Therefore, there is the need for Economics to be adjusted.
There is a natural tendency for Economics to adjust to embrace important changes and modifications in society. Therefore, in relation to sustainability, there is the need for Economics to emphasise on the need for environmental and natural capital to be identified and treated differently and separately from other forms of capital.
This new approach must provide metrics and processes for the measurement of environmental footprints of businesses and corporate entities. And with these systems and processes in place, there is the obligation for firms to be tasked with environmental responsibility. And this is to be done through the creation of a Corporate Social Responsibility system that will ensure that ...Download file to see next pagesRead More
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Lab 4
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