Introduction
According to Sidkar (2003) The concept of sustainable economic development can be
described as a triple bottom line, which suggests that the concept can only exist when
equilibrium is achieved between the environmental care, societal equity and economic
growth, he further iterates that the WECD report has suggested that the current
wasteful lifestyles of developed nations cause environmental degradation and societal
inequity thus the need for the triple bottom line. For example, developed nations are
using the nuclear power in order to meet their high energy demand, this creates
stockpiled nuclear waste of which no technology yet exist to rehabilitate the waste.
One may ask, what would happen when they run out of storage space? Wackernagel
& Rees (1996) suggested that two earths would be needed to cope with the current
natural resource depletion.
With that said, the first part of this paper focuses on the differences between theories
of sustainable economic development and classic theories of economic development,
which are traditional theories that were used back in the days before societies adopted
theories of sustainable economic development. Here, we will be looking at reasons for
societies to transition from classic economic development to sustainable economic
development. The second part of the paper focuses on the influence of sustainable
economic development on the development of South Africa.
The difference between theories of sustainable economic development and
classic theories of economic development
The classical theories of economic development use luxury as a basis of economic
progress therefore disregard the environmental and social aspects of the economy
(Spiegel 1995). These theories advocate for drastic increase in productivity,
accumulation of wealth and natural resources at all costs. The classical theories of
economic development are only concerned about the economic progress while the
theories of sustainable economic development strive for the balance between social
equity, environmental care and economic progress to ensure that future generations
also benefit from natural resources (Sobreviṅas n.d.).
Classic theories of economic development’s first approach which is the linear stages
theory suggests that an increased savings and investment of capital cost coupled with
high consumption can aid economic progress (Sobreviṅas n.d.). On the other hand,
the sustainable economic development type 1 system is more concerned with current
issues such as global warming and drafting policies that would curve the emission of
poisonous by-products from current processes (Sikdar 2003). The classical economic
development theories’ second approach which is the structural change model
suggests that undeveloped countries shift away from trading in agricultural products
and focus on modern industries and services sector. The sustainable economic
development type 2 system is concerned with the geographical boundaries and
technical expertise.
Type 3 of the sustainable economic development system is more concerned with
process efficiencies, ensuring waste is reduced, by-products are recycled and overall
to have clean processes. The classical economic development third approach which
According to Sidkar (2003) The concept of sustainable economic development can be
described as a triple bottom line, which suggests that the concept can only exist when
equilibrium is achieved between the environmental care, societal equity and economic
growth, he further iterates that the WECD report has suggested that the current
wasteful lifestyles of developed nations cause environmental degradation and societal
inequity thus the need for the triple bottom line. For example, developed nations are
using the nuclear power in order to meet their high energy demand, this creates
stockpiled nuclear waste of which no technology yet exist to rehabilitate the waste.
One may ask, what would happen when they run out of storage space? Wackernagel
& Rees (1996) suggested that two earths would be needed to cope with the current
natural resource depletion.
With that said, the first part of this paper focuses on the differences between theories
of sustainable economic development and classic theories of economic development,
which are traditional theories that were used back in the days before societies adopted
theories of sustainable economic development. Here, we will be looking at reasons for
societies to transition from classic economic development to sustainable economic
development. The second part of the paper focuses on the influence of sustainable
economic development on the development of South Africa.
The difference between theories of sustainable economic development and
classic theories of economic development
The classical theories of economic development use luxury as a basis of economic
progress therefore disregard the environmental and social aspects of the economy
(Spiegel 1995). These theories advocate for drastic increase in productivity,
accumulation of wealth and natural resources at all costs. The classical theories of
economic development are only concerned about the economic progress while the
theories of sustainable economic development strive for the balance between social
equity, environmental care and economic progress to ensure that future generations
also benefit from natural resources (Sobreviṅas n.d.).
Classic theories of economic development’s first approach which is the linear stages
theory suggests that an increased savings and investment of capital cost coupled with
high consumption can aid economic progress (Sobreviṅas n.d.). On the other hand,
the sustainable economic development type 1 system is more concerned with current
issues such as global warming and drafting policies that would curve the emission of
poisonous by-products from current processes (Sikdar 2003). The classical economic
development theories’ second approach which is the structural change model
suggests that undeveloped countries shift away from trading in agricultural products
and focus on modern industries and services sector. The sustainable economic
development type 2 system is concerned with the geographical boundaries and
technical expertise.
Type 3 of the sustainable economic development system is more concerned with
process efficiencies, ensuring waste is reduced, by-products are recycled and overall
to have clean processes. The classical economic development third approach which
