Environmental sustainability focuses on the ecology or environment that offers the resources and captivates all the wastage. These are derived from the land being managed by a community. Economic sustainability focuses on the skill set of the population and also the trading of resources and time is managed. Social sustainability focuses on how the requirements of the people are being met. This is a comprehensive topic that comprises culture and the way of interaction among different cultures, ethnicity, gender and taboos. It is the greasiest of all pillars as the social science that goes into this is not as ‘tough’ as biology or ecology or economics. There are numerous viewpoints to look at the whole thing, and all are both right and wrong in a variety of situations.
In any problem of sustainability (poverty, for instance) all 3 pillars have to be measured. Poverty is instigated by inadequate resources or ecological service and obstruction within the self, family or civic that stop the requirements from being met by all. The obstructions are economic and social - like social unfairness and financial strategies that distillate prosperity, but can comprise ethnic and gender-related fundamentals, class, corruption, materialistic abuses etc.
Covid-19 has exposed the vulnerability of the global economy. At the time of the pandemic, the world has seen an entirely new situation. This scenario was never imagined before. The whole world got stuck and this made us realize how we have to survive with limited resources. This pandemic has also taught us the need for constructive planning. We need to get over the usual system and think about new approaches for development. The global economy has suffered extensively. All the countries have confronted a tough situation to overcome. The main problems were visible in the economic transition. Economic sustainability is the practice which supports economic growth in the long run without affecting the social, cultural and environmental aspects negatively. If we want a balance in economic resources, we have to find ways to make the resources sustainable.
Economic sustainability will create a stable economy, as we have just experienced the impact of an imbalance in economic resources and a lack of sustainability in the economy. We must be very tactful in dealing with economic resources. We need a stable economy that will be resilient to uncertainties like rises in the cost of water and energy. In businesses, economic sustainability will protect the profession, so that the operations in the business are resistant and strong in the face of changes. Covid-19 has taught us lessons to get ready for any situation as the future is always uncertain. We argue that the post-Covid-19 re-build signifies a once-in-a-generation chance to evidently change developed paths to more sustainable paths. This would help us to rebalance the fields of sustainability.
Economic sustainability will be stronger as the world has witnessed how wretched the economy can become at a standstill. Covid-19 has taught us the ways to survive in a crisis situation. We cannot consider ourselves unlucky but lucky enough to find ways to overcome the catastrophe. Now companies are able to lower costs by offering work-from-home positions to remote workers. This way, the more diverse the employee portfolio is becoming and also effective. The major companies in the world are also using this strategy. Covid-19 has taught us how people can manage their personal and professional lives even after remaining in their homes. This is a major issue in terms of cost allocation. Many skilled people are now becoming contributors to the economies of developed countries by residing in developing or under-developed countries. This was impossible to even think but these are being applied in this fast phase of the internet. Therefore, economic sustainability is now being achieved in more effective ways after the Covid-19 pandemic.