How Does Deterioration of the Environment affect the Economy as a Whole? From Indian Perspective

Abstract

Some people believe that the environment needs to be compromised in order to achieve economic growth due to poor management, a need for quick cash and short-term profits, and ideological rigidity. Others think sustainable economic progress is impossible because they think capitalism is bad and ultimately destroys the environment. In my opinion, we can use modern technology, sustainable management, and enlightened design to solve the real-world issues associated with ecologically economically sustainable growth. We can create and reside in sustainable cities and put an end to the ecological and climate catastrophes that currently seem so dire. Despite the fact that the primary mechanisms connecting the economy and the environment are fundamentally understood, evaluations of environmental policies are frequently complicated by an absence of reliable metrics to compare the costs and benefits of policy changes or by a general dearth of factual evidence.[1] The financial consequences of the biophysical and environmental effects of policy inaction, as well as the advantages of new policies that result from them, are frequently not calculated. As a result, the very obvious consequences of policy action frequently take centre stage in economic debate. Therefore, it is crucial to enhance the toolkits economists employ to evaluate the advantages of environmental policy.