Is sustainable development different from economic growth?

Difference between economic growth and sustainable development?

  • Answer:

    Economic growth is the increase of per capita gross domestic product (GDP) or other measure of aggregate income. It is often measured as the rate of change in real GDP. Economic growth refers only to the quantity of goods and services produced. Sustainable development (SD) is a pattern of resource use that aims to meet human needs while preserving the environment so that these needs can be met not only in the present, but also for generations to come.

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I would refer you a paper by Tobin and Nodharus titled 'Is Growth Obselte?'. Economic growth would refer sustained increase in the economic activities by which humans are benefited (it does not particularly call for the distributional aspects of who benefits as long somebody is benefited). It has been observed that human progress goes alongside with destruction of environment in which he/she lives. The criteria for sustainable development would then be two fold, viz long overhaul of human deprivation and provisions of at least same opportunities for economic benefits for the foreseeable future generation who would live in this planet.

Prakash Krishnamoorthy

economic growth is where the economy and businesses are growing regardless of whether it can sustain itself long term. sustainable development is where the economy grows in a responsible fashion in a way that will not result in a boom and bust situation.

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