The Term “Economy”
Christopher Dodd once quoted “economic growth and environmental protection can and should go hand in hand”. Societies, governments, and countries rely on the concept of the economy to control the nature and processes of production and consumption. The formal definition of this term is the state of a region or state when it comes to the nature of consumption and production of services, goods, and the overall supply of financial resources. Other people and scholars go further to identify the economy as the coordinated management of the major resources available in a particular society. Within the realm of economy, humans and leaders can analyze a wide range of concerns that impact the human population directly, such as business ethics, production, and sustainability (Vukovic and Shams 181). Economists can rely on the concept to understand how communities can make money and distribute services and products.
Problematic Definition
The definition outlined above revolves around the process of guiding the production of a wide range of services and goods and their overall consumption. This model fails to appreciate the fact that the issue of resource allocation is missed. For instance, many underdeveloped regions and societies associated with scarce raw materials find it impossible to support the relevant processes of production. This challenge worsens when the existing policies and models do not support the overall economic performance and development of the targeted population. This kind of problem goes further to integrate the challenge of environmental degradation. Over the centuries, models of economic production have remained insensitive to the realities of the natural environment (McGregor and Pouw 1129). The end result is that humans have gone further to create numerous challenges that arise from unethical business procedures, pollution, and failure to manage scarce resources. This analysis shows conclusively that both individuals and corporations have focused on the current definition of the economy which is misleading and incapable of helping the global community achieve meaningful sustainability. They focus on the best approaches to maximize production without analyzing the major impacts of their activities and engagements. Additionally, the implemented economic models are only intended to meet the demands of the current generation while ignoring the possible consequences on posterity (Cantiani et al. 807). This problematic definition explains why numerous challenges continue to be experienced in different parts of the world. It is also notable that many scholars and analysts have been concerned about this problematic definition since it fails to address most of the challenges the global community is grappling with today. All stakeholders should, therefore, be keen to consider the current definition and present evidence-based approaches to address the situation.
Current Implications
Presently, the global society has encountered numerous events that affect the selected term and its problematic nature. First, the issue of production has been pursued blindly without focusing on the possible impacts on the sustainability of the natural environment. This malpractice has affected the integrity of many natural resources and bio-systems. Such challenges have emerged since more people have been pursuing capitalistic models that have little or no attention to the sustainability of the environment (Grigoropoulos 171). Second, the corporate world continues to take the lead role in the manner in which communities produce and distribute a wide range of goods. This malpractice has resulted in unethical business practices whereby companies fail to provide for the surrounding communities and engage in activities that might promote the integrity of the natural environment (Uribe-Toril et al. 1125). Third, the nature of these predicaments has triggered unprecedented weather and climatic events in different parts of the world. Specifically, the global community has been compelled to deal with tsunamis, typhoons, and other adverse weather patterns. Consequently, these outcomes are associated with climatic changes and global warming and continue to worsen the situation for more communities. The end result is that all forces of economic production have been affected negatively, thereby undermining the definition of the identified term (Vukovic and Shams 181). With these issues in place, it becomes necessary for the global community to consider evidence-based and sustainable approaches to get a new definition of the economy that takes into consideration these key issues.
The Solution
The concept of economy guides companies, governments, and individuals to focus on the available resources to create new processes of production. The ultimate goal is to produce services and goods that might meet the ever-changing demands of the targeted consumers. In most cases, most of the practices in pursued in such a way that they can maximize both personal and corporate wealth (McGregor and Pouw 1132). With these pursuits, it becomes clear that the natural environment remains ignored, thereby creating chances for overuse of natural resources. Unethical business practices are also integrated into the current economic definition or model. The possible outcome is that most of the companies involved in different forms of production only pollute and leave the natural environment more obliterated than ever before. These malpractices continue to create numerous challenges or strain the environment. The possible outcome is that future generations will not be supported by the current definition of the word “economy”. With this reality, it becomes necessary for the global society to find a new solution that is sustainable and capable of helping future generations achieve their maximum potential (Wignaraja et al. 134). The most plausible solution to improve the current state of affairs could be to present a new definition for the term. The new definition should be presented in such a way that it puts Christopher Dodd’s quote into consideration. Such an approach will make it possible for more people and companies to start taking the notions of business ethics and environmental sustainability more seriously (Uribe-Toril et al. 1127). In the recent past, many scholars and analysts have presented a similar solution to this problematic definition. Finding them favorable, it becomes necessary to support the debate and encourage policymakers and professionals to integrate environmental sustainability and economic performance.
Conclusion
The selected terminology remains critical since it encompasses all key areas of production and human consumption. These processes have continued to remain unsustainable and incapable of meeting the demands of future generations. Human beings should, therefore, begin to care since most of the unprecedented events experienced in the world today are damaging and capable of worsening the situation for all people. A new definition is, therefore, needed that will ensure that all participants in the processes of production take note of the environment while promoting ethical practices. The ultimate aim, therefore, is to make this planet more sustainable and ensure that those who produce and consume consider the best ways to meet the demands of all future generations. These gains are possible with the term getting an informed meaning or definition.
References
Cantiani, Maria G., et al. “Balancing Economic Development and Environmental Conservation for a New Governance of Alpine Areas.” Sustainability, vol. 8, no. 8, 2016, pp. 802-820.
Grigoropoulos, Jenny E. “The Role of Ethics in 21st Century Organizations.” International Journal of Progressive Education, vol. 15, no. 2, 2019, pp. 167-175.
McGregor, Allister J., and Nicky Pouw. “Towards an Economics of Wellbeing.” Cambridge Journal of Economics, vol. 41, no. 1, 2017, pp. 1123-1142.
Uribe-Toril, Juan, et al. “Energy, Economy, and Environment: A Worldwide Research Update.” Energies, vol. 12, no. 6, 2019, pp. 1120-1138.
Vukovic, Darko B., and Riad Shams. “Economy and Ecology: Encounters and Interweaving.” Sustainability, vol. 12, no. 1, 2020, pp. 179-183.
Wignaraja, Ganeshan, et al. “Opportunities and Challenges for Regional Economic Integration in the Indian Ocean.” Journal of Asian Economic Integration, vol. 1, no. 1, 2019, pp. 129-151.