Economy is about conserving resources and the concept is used to define and explain the value resources have today and their possible value in the future. For example, the value can be explained with the help of indicators like added value, assets and debts, savings, patent and intangible assets.
Economic sustainability is an integrated part of sustainability and means that we must use, safeguard and sustain resources (human and material) to create long-term sustainable values by optimal use, recovery and recycling. In other words, we must conserve finite natural resources today so that future generations too can cater to their needs.
Our definition of economic sustainability
Long-term costs for the use of resources (human and material) are included in economic calculations.
- We must conserve resources long-term.
- We must live on the “returns” of the Earth’s natural resources rather than consuming them.
- Long-term economic sustainability concerns the present and future value of natural resources, like drinking water, as well as products, investments, consumption, markets and the global economy.