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In recent years, there has been very fast and quick economic
growth in many countries of the world. There is a visible
change in the pattern of economic growth. In the name of
quick economic development in a very short period of time,
there is fast depletion of all kinds of resources and many
kinds of resources may be exhausted in the near future.
There has been excessive and over-utilization of many
resources. Shortsightedness in the development policies has
shifted the emphasis from future to the present welfare of
the people. This has been responsible for environmental
disorder, dislocation and degradation. There is widespread
air, water, soil and noise pollution on account of rapid
industrialization and growth in all modes of transportation.
There is environmental decay and degeneration all round the
world. The destruction in eco-system has dangerous and
demoralizing effects on the economy. Degradation and
destruction of resource-base is unpardonable. They have
adverse effects on health, efficiency and quality of life of the
people. Hence, there is cry for environmental protection in
recent years. Unless concrete measures are taken in right
time, the man kind may have to pay a heavy price in the
near future. In this background, today economists are talking
about the concept of sustainable economic development.
Sustainable economic development seeks to meet the needs
and aspirations of the present without compromising the
ability of future generations to meet their own needs. It is
felt that sustainable development can be achieved only
when the environment is protected, conserved, saved and
improved consciously by the people in a country. Hence, it
has been suggested that there should be some form of
environmental accounting system in the development policy
measures.
Environmental degradation may be classified as:
1. Water Pollution
2. Air Pollution
3. Soil Pollution
4. Deforestation
5. Loss of Biodiversity
6. Solid and Hazardous Wastes etc.
Q6. Write short notes on the following:
a) Phillips curve
B) Stagflation
a) Philips Curve
b) Stagflation