sustainable development has many versions,but was first used by economist, which emphasized the interlinkages between economic development, environmental degradation, and population pressure instead of three objectives. Economists have since focused on viewing the economy and the environment as a single interlinked system with a unified valuation methodology Intergenerational equity can be incorporated into this approach, as has become common in economic valuations of climate change economics. Ruling out discrimination against future generations and allowing for the possibility of renewable alternatives to petro-chemicals and other non-renewable resources, efficient policies are compatible with increasing human welfare, eventually reaching a golden-rule steady state
thus the three pillars of sustainable development are interlinkages, intergenerational equity, and dynamic efficiency and other economists have advocated a form of the weak criterion for sustainable development – the requirement than the wealth of a society, including human capital, knowledge capital and natural capital (as well as produced capital) not decline over time , continue to contend that strong sustainability – non-depletion of essential forms of natural capital – may be appropriate.
Economic development has traditionally required a growth in the gross domestic product. This model of unlimited personal and GDP growth may be over. ustainable development may involve improvements in the quality of life for many but, particularly for the affluent, may necessitate a decrease in resource consumption