Sustainable consumption is primarily concerned with the...

Sustainable consumption is primarily concerned with the quality of growth, rather than the quantity of growth. Analysts have made two important observations regarding the current growth models. The first is that as emerging economies continue to grow, most of the wealth is accumulated in the hands of a few wealthy individuals, leading to large inequality in society. The second is that economic growth increases well-being in society, but only to the extent to which it provides for the basic needs of people. Beyond that, growth makes hardly any marginal contribution to well-being, while having damaging impacts on the environment. Aside from this, the World Economic Forum recently started to recognize sustainable consumption as an economic†¦show more content†¦Jefrey Sachs shows that there is a relationship between economic activity, savings, capital investment and increased economic activity. Households use the income for the purpose of consumption, savings and taxes. The gove rnment uses tax revenues to current expenditures and development expenditures. Economic capital is produced by household savings and government investments. Higher capital formation leads to economic growth, which in turn increases income households through the impact of income growth. Capital assistance for the project will bring to the process of capital accumulation, economic growth and rising incomes among households receiving benefits from the assistance provided. Through microfinance programs and higher yield expected poverty trap can be destroyed and capital accumulation will occur. This growth is evident in the increase in household savings and government investments that can be made after the households that experienced an increase in revenue from the projects undertaken, start paying taxes or contributing zakat revenue to the government. The Government, through tax revenue or charity is able to perform a variety of other development projects that will benefit more people. Another way to eradicate poverty is by preventing deforestation and protecting forest peoples. Globally, up to 17 per cent of greenhouse gas emissions come fromShow MoreRelatedSocial Equality And Political Freedom1563 Words   |  7 Pagesdefinitions for â€Å"sustainability† and â€Å"sustainable development† put forth by Agyeman, Bullard, and Evans, the most compelling and useful defines one sustainability as â€Å"the need to ensure a better quality of life for all, now, and into the future, in a just and equitable manner, while living within the limits of supporting ecosystems (Agyeman et al., p. 2). 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