Political Economy Economic Systems Questions
Economic sustainability refers to the ability of an economic system to support long-term economic growth and development while ensuring the well-being of present and future generations. It involves the responsible use of resources, the promotion of equitable distribution of wealth and opportunities, and the maintenance of a stable and resilient economy. Economic sustainability requires balancing economic growth with social and environmental considerations, such as reducing poverty, minimizing inequality, protecting natural resources, and mitigating the negative impacts of economic activities on the environment. It also involves fostering innovation, diversification, and adaptability to ensure the long-term viability and resilience of the economy. Overall, economic sustainability aims to create a system that can meet the needs of the present without compromising the ability of future generations to meet their own needs.