Dimensions Of Economic Development

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Already in the 70s it was perceived that the classical concept of development, that considered only economic growth, within short would cause a total collapse of all natural systems. A new development model was needed, which would consider both economic growth and equitable distribution of resources. Economic growth is not sufficient, the development is only real if it increases the quality of life in a long-lasting way.
In its broader meaning, the concept of sustainability means the capability of the development process to sustain over time the reproduction of the world capital, consisting in economic, social, and natural capital.
The “builded” (generated / produced) capital is represented by everything
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Furthermore, although expressed less explicitly, it is also possible to deduce a concept of Intergenerational equity. Intergenerational equity means that persons of the same generation belonging to different political, economic, social, and geographical contexts, have the same rights. The success of this concept, mainly of ecological source, has inspired the international debate and led to numerous in-depth studies and further elaborations, so that over time it has come to comprise all dimensions that contribute to…show more content…
The capacity to generate incomes and employment in order to sustain the populations. Within a territorial system, economic sustainability means the capability, through the most efficient mix of resources, to produce and maintain the highest added value, in order enhance the specificity of territorial products and services.
• Social Sustainability –Social Sustainability can be defined as the ability to guarantee welfare (security, health, education), equitably distributed among social classes and gender. Within a territory, Social Sustainability means the capacity of the different social actors (stakeholders), to interact efficiently, to aim towards the same goals, encouraged by the close interaction of the Institutions, at all levels.
To summarize, the concept of sustainable development is based on a political and ethical principle. This principle implies that the social and economic dynamics of modern economies are compatible both with the improvement of life conditions and the ability of natural resources to reproduce (regenerate) in an indefinite
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