Sustainable development is a multifaceted concept that has drawn on a number of disciplines including economics, ecology, ethics, sociology and political science. Sustainable development links the welfare of generations with the capacity of the biosphere to sustain life and has a policy focus....

Economic theory provides a coherent framework for analysing the elements of growth and sustainable development. Robust policies and appropriate institutional structures are essential to achieving sustainable development. Environmental problems are rooted in failed markets and their resolution...