10.6 Economic Sustainability
285
10.6.2 Characteristics of a Sustainable Economy
Under a capitalist economy, it is cheaper to buy a product that has a high cost and
impact on the environment when it is produced compared to a product that perhaps
does less harm to the environment. An example is the current consumerism trend
in various societies that places more value on goods rather than the environment.
What is worse is the fact that this does not necessarily mean the customer will
pay more if the product is made on a higher-cost scale on the environment; quite
the opposite occurs because businesses and customers alike do not take the toll
on externalizing these expenditures (Jänicke 2012). In other words, usually those
tariffs are not represented when deciding to create and produce a product. In other
words, a capitalist economy is not sustainable because it prioritizes on consumption
of materials that satisfy their needs without considering their carbon footprint and
the harms they have on other people.
Capitalism is blamed as one of the causes of degradation of the environment.
Why do you think this is the case?
Therefore, a sustainable economy comprehends that the economy must move
forward, which is only made possible when an economy fully includes jobs and
wages, and technology that is appropriate and relevant to provide healthy stability
of businesses. Only when this occurs will a Sustainable Economy be truly vibrant.
Nevertheless, under a sustainable economy, these costs are indeed quantified due to
the fact that when producing a product at a low price the planet and communities
nearby will be thoroughly thought of in order to maintain low levels of harm
within the region. This would automatically create a win-win situation, wherein
customers can buy something affordable, businesses would sell their stocks and the
environment would be respected.
One of the consequences of a capitalist economy is that individuals are entitled
to buy whatever they want without understanding where it might have originated.
Thus, there is need for consistent awareness to inform people about the impact
of their consumption patterns or lifestyle choices on the environment. Under a
sustainable economy approach, there is a higher responsibility to encourage the
three R’s policies: reduce, recycle, and re-use (Jänicke 2012).
What impedes us from embracing this approach?
Therefore, there is a strong correlation between a sustainable economy and a
sustainable society because one cannot exist without the other. A healthy economy
and production can be sustained by individuals who express their social and ethical
285
10.6.2 Characteristics of a Sustainable Economy
Under a capitalist economy, it is cheaper to buy a product that has a high cost and
impact on the environment when it is produced compared to a product that perhaps
does less harm to the environment. An example is the current consumerism trend
in various societies that places more value on goods rather than the environment.
What is worse is the fact that this does not necessarily mean the customer will
pay more if the product is made on a higher-cost scale on the environment; quite
the opposite occurs because businesses and customers alike do not take the toll
on externalizing these expenditures (Jänicke 2012). In other words, usually those
tariffs are not represented when deciding to create and produce a product. In other
words, a capitalist economy is not sustainable because it prioritizes on consumption
of materials that satisfy their needs without considering their carbon footprint and
the harms they have on other people.
Capitalism is blamed as one of the causes of degradation of the environment.
Why do you think this is the case?
Therefore, a sustainable economy comprehends that the economy must move
forward, which is only made possible when an economy fully includes jobs and
wages, and technology that is appropriate and relevant to provide healthy stability
of businesses. Only when this occurs will a Sustainable Economy be truly vibrant.
Nevertheless, under a sustainable economy, these costs are indeed quantified due to
the fact that when producing a product at a low price the planet and communities
nearby will be thoroughly thought of in order to maintain low levels of harm
within the region. This would automatically create a win-win situation, wherein
customers can buy something affordable, businesses would sell their stocks and the
environment would be respected.
One of the consequences of a capitalist economy is that individuals are entitled
to buy whatever they want without understanding where it might have originated.
Thus, there is need for consistent awareness to inform people about the impact
of their consumption patterns or lifestyle choices on the environment. Under a
sustainable economy approach, there is a higher responsibility to encourage the
three R’s policies: reduce, recycle, and re-use (Jänicke 2012).
What impedes us from embracing this approach?
Therefore, there is a strong correlation between a sustainable economy and a
sustainable society because one cannot exist without the other. A healthy economy
and production can be sustained by individuals who express their social and ethical