Economic and Business Pathways Towards Sustainability: A Comprehensive Exploration

Abstract

Sustainable and inclusive economic development constitutes a multifaceted and intricate domain, wherein economists grapple with divergent interpretations. The consensus remains elusive regarding the precise delineation of sustainability and inclusiveness within this context. However, it may be construed as the conscientious orchestration and execution of economic endeavours aimed at advancing prosperity and development while concurrently upholding the enduring equilibrium across economic, social, cultural, and environmental dimensions, not only for present individuals and societies in their entirety but also for the preservation of ecosystems and the perpetuation of environmental integrity for posterity. Present economic advancement often exacts tolls upon forthcoming generations. This exposition endeavours to delineate the dilemmas, quandaries, and hurdles confronting environmental sustainability and sustainable economic progression. Within the profit-driven capitalist paradigm, production mechanisms frequently exploit natural reservoirs deemed lucrative in the immediate term, with scant regard for long-term ramifications. Hence, the realization of sustainable economic development necessitates judicious policy frameworks aligned with the attainment of the United Nations’ Millennium Development Goals. The prime objective of this paper is to furnish a comprehensive overview of the foundational tenets, theoretical underpinnings, and pragmatic applications pertinent to sustainable and inclusive economic development. It delves into the theoretical constructs underpinning guiding principles, and delineates strategies for surmounting impediments to economic advancement, particularly against the backdrop of the COVID-19 pandemic and prevailing global military conflicts. Moreover, it scrutinizes the repercussions of these phenomena on international trade, investment dynamics, and overall developmental trajectories. The paper accords particular emphasis to the dynamics of energy provision, sources of energy, ecological footprints, governmental stewardship, and methodologies for curbing pollution, drawing insights from contemporary scholarly contributions disseminated across various mediums including academic journals, newspapers, periodicals, doctoral dissertations, news agencies, online platforms such as YouTube, and webinars. The study proffers a compelling recommendation encapsulated in the imperative that economic development must be entrenched in sustainability, predicated upon the prudent utilization of extant natural endowments. Thus, it advocates for a harmonious equilibrium between the exigencies of the present epoch and the imperatives of future generations.

Received: 28 March 2024 / Accepted: 26 June 2024 / Published: 8 July 2024