What Is "Sustainable" Economic Development?

Economic development as we know it arose out of the economic and social crisis that followed the Second World War. The unprecedented scale of that crisis tipped national, regional and local governments across the world into the business of economic development.

Over the ensuing decades, the way we 'do' economic development has evolved to become integrally linked with the notion of 'sustainable development'. But what is sustainable development?

As a concept, sustainable development values development that "meets the needs of the present without compromising the ability of future generations to meet their own needs. It recognizes the linkages between economic, social, environmental and cultural wellbeing and values participatory and inclusive decision making.

But sustainable development is much more than a concept, it is also a process; a process for decision making that "ensures a better quality of life for everyone, now and for generations to come." The processes of sustainable development are being adopted throughout the world to identify and evaluate best value economic development projects and programs.

The Government of New Zealand has signaled its commitment to the principles and processes of sustainable development through the 'Local Government Act 2002', its 'Growth and Innovation Framework'and "New Zealand Sustainable Development Programme of Action." In effect, local, regional and central governments within New Zealand must now operate in accord with sustainable development principles and processes.

Local, regional and central governments are the primary partners and funders of economic development agencies. Understanding sustainable development and how it impacts on the work of economic development and our public sector partners is critical.

Some of the key processes and principles of sustainable development are:-

a recognition that community consultation and participation in planning is essential to good decision making
a recognition that quality of life is based on the four interlinked pillars of wellbeing, economic, social, environmental and cultural
an integrated planning and measurement framework that considers the four dimensions of well being in a linked, balanced and sustainable way.

Together, the principles and processes of sustainable development work to give our public sector partners a level of confidence that the economic development projects and programs we engage in are best value and based on sound and integrated decision making.

What Is "Sustainable" Economic Development?

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