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Let's talk about sustainable economic growth.
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Sustainable economic growth implies a sustainable, rising national income.
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One of the ways this can be achieved is by fostering the sustainability of our resources.
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We identify two types of resources in economic growth.
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Nonrenewable and renewable.
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For example, oil is a non renewable resource because there's only a certain amount of it in the world.
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Once it has run out, it will be gone forever.
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On the other hand, some resources are renewable.
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This means that they can regenerate themselves.
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For example, wood and most sources of food are renewable, like fish.
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To understand what sustainable economic growth is,
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let's first look at what makes economic growth unsustainable.
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Economic growth is unsustainable when we use up nonrenewable resources, without finding new resources to take their place.
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Or if we use renewable resources too fast or if the population increases too much.
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Let's consider oil again.
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Oil is a major source of energy.
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But what if it is used up?
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A new source of energy must be found to replace oil before it runs out.
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If not, economic growth experienced today will be unsustainable tomorrow.
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Let's consider the fishing industry.
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If fishing industries are overfishing,
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fish stocks will fall, as too many fish are taken out of the oceans without allowing them to breed sufficiently.
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If this happens, future generations cannot benefit economically from the fishing industry.
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Consider forest.
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The rapid cutting down of trees for economic gain without allowing for replacement will lead to deforestation.
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This is another example of unsustainable economic growth.
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An increase in population puts a huge strain on the world's resources, resulting in an inability to maintain the rate of economic growth.
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This too leads to unsustainable economic growth.
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So what then is sustainable economic growth?
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It is economic growth that 1) finds substitutes for non renewable resources that are being used up.
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2) does not use renewable resources too quickly, but allows for renewal of resources.
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And 3) controls the growth rate of the population.
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If we achieve these three things, we have a world with sustainable economic growth.