Viewed from economic aspects alone, sustainability can be defined in relation to an economy which is sustainable because of its dynamic efficiency and maximization of total welfare functions over a time frame (Stavins, et al, 2002). However, sustainability commonly concerns issues relating to society, environment or economy which three dimensions are perceived as to be mutually interdependent and not independent of one another (Omann, 2004, p. 68).
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Environmental sustainability accepts the premise that natural resources are expendable and can not be sustained forever (Dyllick and Hockerts, 1999). Environmental sustainability efforts include waste management and processes for recycling waste by production firms. Indeed, life support globally implies the need for regulating food, water, air, waste breakdown, soil fertility, and climate behavior. Economists like Pezzey (1989) and Solow (1993) aver that sustainability relates to the maintaining of a utility or welfare of a typical member of society. Economical sustainability is based on attempts to sustain financial viability or achieve optimum financial goals and is driven by the business attitude of businesses which implies the maximizing of shareholder or stakeholder value by firms (Doig, 1999). Firms can however attain both financial goals as well as larger social objectives (Duncan, 2002) while social sustainability implies a definition and need to achieve “social capital” (Putnam, 2000). Indeed, Putnam views social capital as being constituted of the various norms, principles, values, relationships, networks, etc. Gladwin, et al (1995, p. 2) even observe that organizations can become socially sustainable by internalizing “social costs”, foster democracy and also add to community value, while Dyllick and Hockerts (1999, p. 134) consider social sustainability as effective if it can help the various stakeholders to better understand social capital issues as well as align their aspirations with larger interests of society. Other research (Viederman, 1994) views sustainability as being a participatory process that both creates and follows a concept of community which can make effective use of all types of resources like human, natural, synthetic, human-scientific, technological, social, cultural, and so on. Achievable sustainability can thus be taken to mean the attainment of a social system for satisfying needs of the community at large, better protecting the environment, effecting and sustaining high levels of economic growth and assuring human development (Church, 2003). Sustainability involves the economy as well as the fundamental ecological and environmental systems and the broader social fabric containing the economy itself (Norton and Toman, 1997). Broadly speaking, sustainable development or sustainability is not only an ecologic-scientific concept that attempts to view it as delimiting the exploitation of nature or the environment, but more fundamentally is the formulation of the ethical ideal of equity as well as a balanced approach as between benefits and damages (Arnold, et al, 2001). Indeed, this ethic-normative view of sustainability represents “the byword of the good and the right”
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