Introduction
Sustainable economics is a special condition that maintains a stable level of financial components for a long time without significant fluctuations and negative impact on several social aspects. It is a fairly universal, broad term covering all forms of growth within the framework of meeting the needs of current generations (Giraldo, 2019). As a rule, a steady and reliable economy “lives within its means” and thrives on income from a rational use of natural and human resources. Moreover, such a condition requires leaving a legacy, not consequences. Therefore, “viability” is most often defined as the ability to meet the urgent needs of the present without depriving future generations of such an opportunity. In fact, building a sustainable economy is a complex, challenging, and difficult path that requires simultaneous consideration of economic, environmental, and socio-cultural aspects.
The Path to a Sustainable Economy
Primarily, economic equilibrium means a desire to bring the economical components into an optimal state. In classical economics, a specific optimal state is considered to balance and is associated with stability (Paladini & George, 2019). In complex dynamics, an economy’s resilience becomes the most critical factor. As a rule, a sustainable future depends on international cooperation, transformations in some public sectors, and the individual contribution of each person to the development of the economy (Reid et al., 2020). The opposite is also true when specific business communities manifest themselves as malicious violators and continue to have a negative impact on the world around them (Bish, 2021). Sustainability is also impossible if governments assume that economic growth will depend on population growth (Bish, 2021). The planet is limited, which means the end of growth is inevitable.
Three Essential Economic Sustainability’s Parts
Moreover, when making decisions and directing efforts, attempts, and opportunities to benefit the economy’s sustainability, three components should be taken into account. Hence, sustainable and stable formation and development of the economy is a synthesis and a combination of the fusion of the main parts: social, economic, and environmental (Giraldo, 2019). As practice shows, financial stability within this triune consists of stable growth of all sectors of economic activity and the expansion of commodity production and resource extraction, but only within the boundaries established by nature.
Economic Component
The economic aspect is one of the most important and critically essential elements in implementing and preserving sustainability. Such a “pillar” has the most incredible innovative potential for merging specific strategies, tactics, methods, and means to earn money and other resources (Giraldo, 2019). This is a special and unique indicator, implying the presence of “solid ground” and “support,” which is worth relying on in critical situations. Therefore, any country and its leaders are obliged to competently, correctly, and rationally manage and distribute the available human, natural and material resources to achieve success and well-being. It is also necessary to adhere to clever use of technological potential and effective disposal and recycling of unnecessary materials and waste.
The economy should be not only successful and sustainable but also profitable, bringing in large incomes every time. In other words, stability also requires development, without which there is a high probability of stagnation. Indeed, it is necessary to make efforts in the long term, even if the “fruits of labor” may appear later. It is possible to find harmony balance and realize a more stable and secure situation within a state by ensuring growth. Due to economic growth, the basis for solving several problems is being created by a growing GDP. In addition, the economy’s stability implies a high degree of adaptation to changes in external and internal factors of development.
Environmental Component
Special attention should also be paid to the environmental elements that directly impact building a sustainable economy. Hence, the economy can solve the global problems of humankind only if it moves along ecological “rails.” Often, such requirements and rules allow you to control the development of many social structures and determine the further directions of movement. A state is recommended to adhere to a position that will enable the transformation towards sustainable management. According to Patel and Ray (2021), various environmental shocks, such as severe drought or flood exacerbate food shortages and develop economic instability concerning small and large-scale industries. Any drastic natural changes can lead to the fact that more than hundreds of millions of people may find themselves below the poverty line, unable to fully meet even basic needs (Patel & Ray, 2021). Consequently, a careful attitude to nature and the environment, preservation of the integrity of natural ecosystems, and stability of the biosphere are the key to the economy’s future prosperity.
Nevertheless, even generally accepted and traditional economic models require particular restructuring and reformation to address issues regarding climate and other natural problems. For instance, the new “green economy” project can be considered an alternative vision of economic growth (Söderholm, 2020). This scheme provides for the development and implementation of innovative sustainable technologies in terms of improving economic and social well-being. In the light of current events, climate change and environmental degradation threaten the entire world. Today, the “green economy” is one of the best sustainable growth and stability models. The project should become the basis for the transition to a modern, resource-efficient, and competitive economy.
Socio-Cultural Component
As this component’s name implies, a person’s health and condition are priorities in the organization of sustainability. The social element of sustainable development is understood as increasing well-being and achieving greater social justice. The social component is also designed to improve the quality of human and social capital and meet the principles of reproducibility, balance, and involvement. In this case, the social part focuses on the status and level of education of citizens and their well-being and happiness (Giraldo, 2019). There is a wide range of different factors that affect citizens’ quality of life to one degree or another, whether, for example, political, financial, or environmental (Akkucuk, 2020). Nevertheless, it should be emphasized that the fair distribution of existing benefits through human participation is an essential aspect of creating a sustainable economy. People should fully ensure the vital activity of the economy, develop private initiatives, make decisions independently and monitor their implementation. Currently, the dominant approach is according to which areas and areas of activity are considered as social parameters of sustainable development, the priority of which is determined by its goals.
Conclusion
To sum up, building a sustainable economy requires significant efforts, resources, and time. In particular, this procedure is shown in the best light only together with economic, socio-cultural, and environmental components. Without considering this “triad,” it is doubtful to build a reliable, stable, progressive, and developing economy in any country. Thus, stability without development leads to stagnation, and growth without stability is fraught with risks; in this regard, result based on the economy’s strength is necessary. Without caring about the environment, nature, and the planet, humanity can incur many troubles and irreparable consequences in the economic sector. Accordingly, building stability is impossible without the well-being of citizens.
References
Akkucuk, U. (2020). Handbook of research on creating sustainable value in the global economy (1st ed.). IGI Global. Web.
Bish, J. (2021). Economic sustainability examples that inspire change. Population Media Center. Web.
Giraldo, A. (2019). Sustainability and 5 examples of economic growth. Ideas For Us. Web.
Paladini, S., & George, S. (2019). Sustainable economy and emerging markets (1st ed.). Routledge. Web.
Patel, A., & Ray, B. (2021). Solutions to build inclusive and sustainable economies. The Mastercard Center for Inclusive Growth. Web.
Reid, G., Nesler, C., Lampe-Onnerud, C., Massei, C.V., & Arya, A. (2020). 8 steps towards a sustainable economic recovery. World Economic Forum. Web.
Söderholm, P. (2020). The green economy transition: The challenges of technological change for sustainability. Sustainable Earth, 3(6), pp. 1-11. Web.