Economic vs Sustainable Development: Difference and Comparison

What is Economic Development?

Economic development is a process that aims to improve the economic quality of a region or nation. It focuses on increasing the GDP of a region or country. Through increasing the GDP, this process tries to reduce poverty.

It creates jobs and increases incomes, offering better opportunities for the people. The process also includes expanding international trade relationships to boost the economy while opening new markets.

Basic tools of economic development are improved communication systems, energy, and transportation of the area. Government policies promoting trade and investment can play a great role in economic development.

Economic development has only one goal, and that is achieving economic growth. During the process, it does not promote any other awareness. It instead uses natural resources irresponsibly without thinking about the future outcome.

Economic development prefers to move from agriculture-based economies to manufacturing and service sectors. It also fosters entrepreneurship in the local people and encourages them to innovate income ideas.

What is Sustainable Development?

Sustainable development is a holistic approach to progress. This progress is very mindful and does not compromise with the future generations’ needs.

As its name suggests, it is a balanced concept that takes care of economic progress as well as protects the environment. It promotes environmentally friendly technologies.

It prioritizes the preservation of the environment. It aims to decrease the harmful impacts on ecosystems. Issues like pollution and climate change are given the required attention under this process.

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Social equity is another essential part of this process. It takes poverty under consideration and makes sure all the members get access to basic needs like education and healthcare.

However, this process is long-term. It creates policies that are beneficial even after a long time. The method of this development motivates businesses to adopt sustainable methods to reduce their environmental footprint.

Taking the current situation under consideration, minimizing waste and recycling are highly encouraged in this process by organizations as well as individuals.

Difference Between Economic Development and Sustainable Development

  1. Economic development focuses on economic growth and wealth, while sustainable development centralizes on creating a balance between economic, environmental, and social well-being.
  2. Economic development is a short-term plan for immediate gains, but sustainable development, on the contrary, is a long-term plan that includes the well-being of future generations as well.
  3. Economic development leads to financial inequality, and on the other hand, sustainable development tries to establish equity.
  4. Economic development uses natural resources irresponsibly, but sustainable development will use them responsibly as it keeps in mind the future.
  5. Economic development only keeps individual national growth on the list, but sustainable development focuses on global growth and maintenance.

Comparison Between Economic Development and Sustainable Development

Parameter of ComparisonEconomic DevelopmentSustainable Development
FocusIt focuses on economic growth, wealth, and prosperity.It concentrated on creating a balance between economic, environmental, and social well-being.
Required time periodIt is a short-term plan that strives to offer immediate gains.It is a long-term stance that takes into consideration the generations to come.
Social equityThis type of development leads to inequality in income and other disparities.Seeks to establish inclusivity and equity.
Usage of resourcesThis concept uses natural resources mindlessly to achieve short-term gains.      This concept uses resources responsibly.
SustainabilityBeing environmentally conscious and taking care of society’s well-being is not one of the focuses here.Being concerned about the ecosystem and maintaining the well-being of present and future generations is the main focus here.
References
  1.  https://www.sciencedirect.com/science/article/pii/S1470160X16307531
  2. https://www.taylorfrancis.com/books/mono/10.4324/9781315722467/economic-growth-sustainable-development-peter-hess
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Last Updated : 27 February, 2024

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32 thoughts on “Economic vs Sustainable Development: Difference and Comparison”

  1. The knowledge presented in this article is crucial for understanding the importance of sustainable development in today’s world.

  2. An eye-opening article that emphasizes the necessity of sustainable development over short-term economic gains.

    • The article effectively conveys the urgency of transitioning towards sustainable development for a better future.

    • The distinction between economic and sustainable development is clearly outlined, showcasing the long-term advantages of the latter.

  3. This article seems to be a good resource for anyone who wants to understand the economic and environmental implications of the development process. The emphasis on social equity in Sustainable Development is a strong point.

  4. The article offers a compelling case for the shift towards sustainable development rather than relying solely on economic growth.

    • I’m in agreement. Sustainable development focuses on the long-term prosperity of both the environment and humanity.

  5. The stark differences between economic and sustainable development are effectively communicated in this article.

    • Absolutely. The article offers a balanced comparison highlighting the advantages of sustainable development.

    • The insights provided in this article are thought-provoking and shed light on the importance of sustainable practices.

    • The incorporation of long-term impacts makes sustainable development more promising for the future.

  6. This article provides a clear and concise comparison between economic development and sustainable development. It is evident that sustainable development is more comprehensive and future-oriented.

  7. The concept of sustainable development is crucial in the wake of growing environmental concerns. This article effectively outlines the significance of this approach in contrast to traditional economic development.

  8. The article effectively highlights the superior aspects of sustainable development compared to traditional economic approaches.

  9. The detailed focus on the differences between economic development and sustainable development provides a strong foundation for understanding their respective goals and outcomes.

  10. This comprehensive comparison effectively demonstrates the benefits of sustainable development over economic growth.

    • The article’s detailed analysis supports the superiority of sustainable development for global well-being.

  11. The comparison section breaks down the contrasting aspects of economic development and sustainable development very effectively. It’s quite clear that sustainable development is a more inclusive and responsible approach.

  12. Very informative article! It certainly provides readers with good definitions of economic development and sustainable development. The comparison section is particularly useful for those who might not understand the differences between the two.

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