The Multidimensional Nature of Economic Development
- The 17 Sustainable Development Goals demonstrate the complexity of the nature of economic development
- The different elements can be separated into three categories: economic, social and environmental
- Sustainable economic development occurs at the intersection of all three and is represented in the diagram below
Sustainable economic development is a multi-dimensional concept incorporating economic growth, environmental care and social progress
- Viable refers to the fact that the combination of economic and environmental progress is happening with some care, however it is not sustainable in the long term
- Bearable refers to the fact that the interaction of society and the environment is happening with some thought, however it is still not sustainable in the long term
- Equitable refers to the fact that the interaction of the economy and society is happening with some attention to well-being, however it is still not sustainable in the long term
- Due to this complexity, elements of economic development can be measured using single or composite indicators