لخّصلي

6.1.Three main activities that are carried out in an economy are production, distribution and consumption but the accounting framework used to guide and evaluate the economy with regard to these activities grossly distorts values and this does not augur well for society and the environment (Cao, 2017).Furthermore, Retchless and Brewer (2016) argue that, as the main concern seems to be on economic growth, important cost components like the impact of depletion and pollution, for example, are ignored while increasing demand for goods and services continues to drive markets and infringe destructive effects of the environment (UNSD, 2018c).Traditionally, economists assum- ing that the supply of natural resources was unlimited, placed undue emphasis on the capacity of the market to allocate resources efficiently (Du & Kang, 2016).Economic sustainability Economic sustainability implies a system of production that satisfies present consumption levels without compromising future needs (Lobo, Pietriga, & Appert, 2015).The growing scale of the economic system has overstretched the natural resource base, prompting a rethink of the traditional economic postulations (Basiago, 1996, 1999; Du & Kang, 2016).

6.1. Economic sustainability Economic sustainability implies a system of production that satisfies present consumption levels without compromising future needs (Lobo, Pietriga, & Appert, 2015). Traditionally, economists assum- ing that the supply of natural resources was unlimited, placed undue emphasis on the capacity of the market to allocate resources efficiently (Du & Kang, 2016). They also believed that economic growth would be accompanied by the technological advancement to replenish natural resources destroyed in the production process (Cooper & Vargas, 2004). However, it has been realised that natural resources are not infinite; besides not all of them can be replenished or are renewable. The growing scale of the economic system has overstretched the natural resource base, prompting a rethink of the traditional economic postulations (Basiago, 1996, 1999; Du & Kang, 2016). This has prompted many academicians to question the feasibility of uncontrolled growth and consumption.
Economies consist of markets where transactions occur. According to Dernbach, (1993), there are guiding frameworks by which transactions are evaluated and decisions about economic activities are made. Three main activities that are carried out in an economy are production, distribution and consumption but the accounting framework used to guide and evaluate the economy with regard to these activities grossly distorts values and this does not augur well for society and the environment (Cao, 2017). Allen and Clouth (2012) echo that human life on earth is supported and maintained by utilising the limited natural resources found on the earth. Dernbach (2003) had earlier argued that, due to population growth, human needs like food, clothing, housing increase, but the means and resources available in the world cannot be increased to meet the requirements forever. Furthermore, Retchless and Brewer (2016) argue that, as the main concern seems to be on economic growth, important cost components like the impact of depletion and pollution, for example, are ignored while increasing demand for goods and services continues to drive markets and infringe destructive effects of the environment (UNSD, 2018c). Economic sus- tainability, therefore, requires that decisions are made in the most equitable and fiscally sound way possible, while considering the other aspects of sustainability (Zhai & Chang, 2019)