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Weak and strong sustainability are terms that have emerged from the field of environmental economics and describe opposing approaches to sustainability, specifically in relation to natural resource management and economic development. Weak sustainability argues that natural and human capital are interchangeable, meaning that the use or loss of ...
Remedial strategies include: more careful waste management, statutory control of overfishing by adoption of sustainable fishing practices and the use of environmentally sensitive and sustainable aquaculture and fish farming, reduction of fossil fuel emissions and restoration of coastal and other marine habitats.
First, mainstream sustainability is a conservative approach on both economic and political terms. Second, progressive sustainability is an economically conservative, yet politically reformist approach. Under this framing, sustainable development is still centered on economic growth, which is deemed compatible with environmental sustainability.
In the UK, SEA is inseparable from the term 'sustainability', and an SEA is expected to be carried out as part of a wider Sustainability Appraisal (SA), which was already a requirement for many types of plan before the SEA directive and includes social, and economic factors in addition to environmental. Essentially an SA is intended to better ...
Using these branches, it creates the ability of a system to thrive by maintaining economic viability and also nourishing the needs of the present and future generations by limiting resource depletion. Sustainable management is needed because it is an important part of the ability to successfully maintain the quality of life on our planet.
Ecological economics draws upon its work on resource allocation and strong sustainability to address monetary policy. Drawing upon a transdisciplinary literature, ecological economics roots its policy work in monetary theory and its goals of sustainable scale, just distribution, and efficient allocation. [103]
Environmental economics is related to ecological economics but there are differences. Most environmental economists have been trained as economists. They apply the tools of economics to address environmental problems, many of which are related to so-called market failures—circumstances wherein the "invisible hand" of economics is unreliable ...
Daphne Greenwood and Richard Holt distinguish economic development from economic growth on the basis that economic development is a "broadly based and sustainable increase in the overall standard of living for individuals within a community", and measures of growth such as per capita income do not necessarily correlate with improvements in ...