The Science of Sustainability
Completion requirements
Common sense tells us that air, water, food, and shelter are fundamental to the survival of humans and businesses. However, the pathway to healthily integrating the two remains a challenge. Read this chapter to explore the important interrelationships between the environment, society, and economics and their importance to sustainable business. What are the merits of both views of economics with limits versus no limits to growth? How do businesses and individuals threaten ecosystems and the environment? What roles can businesses play in addressing environmental challenges as well as the limitations?
2.1 Sustainability Economics
Key Takeaways
- There are two main views of economics as pertains to sustainability: limits to growth and no limits to growth. Both views have merits in terms of explaining the interaction of society and environment.
- The limits to growth concept argues that our current society is living beyond what Earth is capable of providing and that we must change to live within the context of what Earth can provide.
- The no limits to growth concept argues that market signals and technological innovation can overcome limits to growth in natural systems.
- Tragedy of the commons occurs often in shared environmental resources, and understanding the system dynamics is essential to sustainability of shared natural resources.
- Consumerism is a factor in driving economic growth in modern economies and, as a result, resource depletion.