Sustainability and Economic Theory: An Organism in Premise

Abstract

[Abstract]: So what is the link if any between economic management theory and sustainability? Is it the interrelatedness of the world international economies; but alongside connectedness comes vulnerabilities? as I reflect on the impact of the economic turmoil and the deepening economic contractions of late 2008.Since economic traditions are migrating towards sustainable development raising the need for an understanding of operational principles of Sustainability. what are its implications for the engineering industry in particular commodities sector, with this in consideration I would like to call on Gaia hypothesis Lovelock (1972) that proposed living and non-living parts of the earth form a complex interacting system that can be thought of as a single organism, similarly another interesting and relative theory is that of Meadows in his book “Limits to Growth” (1972) modeling the consequences of a rapidly growing world population and finite resource supplies, commissioned by the Club of Rome. This paper examines juxtaposition of sustainability in economic management theory using the laws of thermodynamics. The objective of this review paper is to collaborate on the economic dimensions of sustainability. We posit that cohesiveness between economic theory and sustainability are necessary to alleviate the current credit crunch. We argue that a sustainable management theory as an organism is a key determinant of economic relationships; it thus highlights the relationship between industry sectors diversification and economic sustainability.