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Economic Depletion

Main Articles: Natural Resource Depletion

Economic depletion is the usage of at least 80% of the world's non-renewable resources. Economic depletion of natural resources affects economic growth both negatively and positively. Natural resources contribute to the overall economics of the world. Energy and natural resource consumption, overpopulation, and agricultural practices are stated as highly unsustainable, causing a peak in general concern.The balance between depletion and innovation is required to acquire maximum global sustainability. The world’s immense consumption patterns will lead to irreversible climate change and affect the overall economic growth - consumption of man depicts economic depletion intensity.

Economic Depletion

Innovations

Innovations provide new resources, newer ways of using existing resources, and secured extractions. Implementation of ecological innovations could heavily impact the future of natural resource depletion in a positive direction. On the contrary, developing countries in pursuit of rapid economic growth have shown their disregard for environmental impacts and concerns. Examples of ecological innovations include; depletion accounting, electric cars, solar panels…etcetera. Innovators value the fluctuations in prices as they revolve around a constant mean. It is stated that innovation has offset depletion, and markets have cleared. Research conducted by the industrial commodity-price index of The Economist documented by P. Cashin and C. J. McDermott revealed between 1862 to 1999 commodity prices declined one percent per year. Underlying assumptions conclude that the system of innovation coincides with humanity and its consumption patterns, thus innovation is secured for the future. The ecological footprint policy addresses issues that coexist with human nature (i.e climate change, carbon emissions…) This innovation provides the answers to the measurement of how big an economy's metabolism is compared to nature's ability to provide. Implementing this creative innovation gives factual and accurate information. The ecological footprint does not document hypothetical accounts. Rather the ecological footprint policy accounts relevant and accurate reports upon sustainability and unsustainability within a populous and/or area. Measurements are conducted to determine the amount of biological production needed to meet the intense populous demand. Greener innovations are stated to be the possible solution to natural resource depletion - thus ultimately solving economic depletion.

Underlying Issues

With every issue comes a double-edged effect. Economic depletion concerns both larger corporations and the general public on vastly different scales. The economy is directly affected by natural resource depletion. The over usage of a limited source in an unlimited way brings about a worldwide crisis. Cons consist of increased risk in climate change, eradication of ecosystems, whole ecological genocide and total economic depletion. The pros coincide with innovation and the push to develop more green energy technology due to the constant pressure placed from both natural resource depletion and economic depletion. Developing countries bear the burden of these impacts more intensely than first world countries, as they both depend on natural resources for economic growth and are exploited for their natural resources. Larger corporations, some developing countries and many economists argue between the management of natural resource consumption. Lack of balance and management has shown to cause a more negative decline in the Earth's overall sustainability.