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Economics Nature, Katra (2026)

16/01/2023

Are SDGs interdependent?

The Sustainable Development Goals (SDGs) are a set of 17 goals adopted by the United Nations in 2015 as part of the 2030 Agenda for Sustainable Development. The SDGs are a global framework for addressing a range of economic, social, and environmental challenges, and they aim to promote sustainable development and improve the lives of people around the world. The SDGs provide a framework for countries to work towards sustainable development and address a wide range of social, economic, and environmental issues.

One concept underlying the SDGs is interdependence, which refers to the interconnectedness of different aspects of development and the way that progress in one area can have positive or negative impacts on other areas.
Here are some examples which shows that SDGs are interdependent:

•Achieving Goal 1 (No Poverty) may require progress on Goal 2 (Zero Hunger), Goal 3 (Good Health and Well-Being), and Goal 5 (Gender Equality). Similarly, achieving Goal 13 (Climate Action) may require progress on Goal 6 (Clean Water and Sanitation), Goal 7 (Affordable and Clean Energy), and Goal 14 (Life Below Water). It is important to address the interdependence of the SDGs in order to achieve sustainable development for all.

• Progress on environmental goals such as reducing greenhouse gas emissions or protecting biodiversity can have positive impacts on economic development and social well-being. At the same time, progress on economic goals such as reducing poverty and increasing access to education can have positive impacts on the environment and social well-being.

• Improving access to clean water and sanitation can help to reduce the incidence of waterborne diseases, which in turn can contribute to the goal of reducing child mortality. Similarly, improving access to education and training can help to reduce poverty and inequality, which can help to improve health outcomes and protect the environment.

The SDGs are designed to address these interdependent challenges and promote sustainable development in a holistic and integrated way. This means that achieving the goals requires efforts to address a range of interconnected issues, rather than focusing on a single issue in isolation. The SDGs are intended to be universal, meaning that they apply to all countries and all people, regardless of their level of development.

Compiled & Organized by: Dr Arif

15/01/2023

"𝐃𝐨𝐮𝐠𝐡𝐧𝐮𝐭 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬: 𝐒𝐞𝐯𝐞𝐧 𝐖𝐚𝐲𝐬 𝐭𝐨 𝐓𝐡𝐢𝐧𝐤 𝐋𝐢𝐤𝐞 𝐚 𝟐𝟏𝐬𝐭-𝐂𝐞𝐧𝐭𝐮𝐫𝐲 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐬𝐭" is a book written by economist 𝐊𝐚𝐭𝐞 𝐑𝐚𝐰𝐨𝐫𝐭𝐡. The book presents a new economic model that she calls the "𝐝𝐨𝐮𝐠𝐡𝐧𝐮𝐭," which aims to balance the needs of economic growth with the need to protect the environment and address social inequalities. The book argues that traditional economic models, such as GDP growth, are outdated and do not take into account the negative impacts of economic activity on the environment and society. Instead, the "doughnut" model focuses on creating an economy that meets the basic needs of all people while also protecting the planet's resources. The book also discusses seven ways to think like a 21st-century economist, including rethinking growth, valuing the "commons," and considering the economy as a subsystem of society and the living world.

Main ideas of Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist:

1. The importance of addressing social and environmental issues: Doughnut Economics argues that traditional economic models have focused too heavily on economic growth and have failed to take into account the social and environmental consequences of economic activity.
The book emphasizes the need for a more holistic approach that addresses issues such as poverty, inequality, and climate change.

2. The need for a new economic paradigm: Doughnut Economics argues that the current economic paradigm, which is based on growth and the pursuit of profit, is unsustainable and needs to be replaced with a new paradigm that is based on meeting the basic needs of all people while also protecting the planet.

3. The importance of systems thinking: Doughnut Economics emphasizes the importance of understanding the interconnectedness of different economic, social, and environmental systems. The book argues that traditional economics has focused too much on individual components of the economy and has failed to take into account the complex interactions between different systems.

4. The role of government in creating a sustainable economy: Doughnut Economics argues that government has a crucial role to play in creating a sustainable economy. The book calls for government policies and regulations that promote social and environmental sustainability, such as progressive taxation, public investment in renewable energy, and regulations on polluting industries.

5. The importance of social and environmental metrics: Doughnut Economics argues that traditional economic metrics, such as GDP, are inadequate for measuring the health and well-being of society. The book calls for the use of social and environmental metrics, such as the Human Development Index, to better measure the progress of society.

6. The role of community and local economies: Doughnut Economics emphasizes the importance of local and community economies in creating a sustainable and equitable economy. The book argues that local economies are more resilient and can be more responsive to the needs of their communities than larger, centralized economies.

7. The importance of a new economic narrative: Doughnut Economics calls for a new economic narrative that emphasizes the importance of meeting the basic needs of all people while also protecting the planet. The book argues that this narrative should be based on the principles of social and environmental sustainability and should be communicated to the public in a way that is accessible and easy to understand.

Compiled & Organized by: Dr Arif

Soft Copy also available

08/07/2022

Backward Bending Supply Curve

A typical supply curve shows an increase in supply as wages rise. It slopes from left to right.

However, in labour markets, we can often witness a backward bending supply curve. This means after a certain point, higher wages can lead to a decline in labour supply. This occurs when higher wages encourage workers to work less and enjoy more leisure time.

There are two effects related to determining supply of labour.

•The substitution effect states that a higher wage makes work more attractive than leisure. Therefore, in response to higher wages, supply increases because work gives greater remuneration.

•The income effect states that a higher wage means workers can achieve a target income by working fewer hours. Therefore, if wages increase, it becomes easier to get enough income through working fewer hours.

When does the labour curve begin to slope backwards?

It will depend on an individual:

•If an individual has only modest demands and is interested in leisure pursuits. His goal may be to gain £30,000 a year and then after that maximise leisure time. In this case, after wages increase above £30,000, the income effect dominates, and with higher wages, he can afford to have more time off work.

•If an individual has large expenses and little interest in leisure pursuits, the substitution effect is likely to have more significance. If wages increase, it gives an increased incentive to work longer hours as he can gain increased income and buy more goods.

Other factors affecting labour supply

•Job contracts. In the real world, workers cannot easily choose the exact number of hours. Many employees are on fixed contracts. Even if wages rise, they may not have the option of working five fewer hours per week.

•The motivation for work. Employees are motivated by many factors other than hourly wages. Sometimes workers may stay at a job until they have the satisfaction of completing it. These kinds of motivations can outweigh wages.

Source: Economicshelp

09/05/2022

Total Revenue Elasticity

21/02/2022

Break-even point=Fixed cost÷contribution margin.
Break-even point=Fixed cost÷(selling price per unit - variable cost per unit)

19/02/2022

π=TR-TC
TR>Tc:Profit +
TR

Economics Nature

16/01/2023

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