Measuring Sustainable Development:Theory and Application

Sustainable development is an economic Program along which average well-being of present and future generation, taken together, does not decline over time. it is development that meets the needs of the present without compromising the ability of future generations to meet their own needs  The paper applies the notion of social well - being to show that sustainable development should mean the maintenance of the productive base of an economy relative to its population. This paper also examines the need for resources, impact of growth and prescribes the manner by which these resources should be allocated to each economic sector or programs so that the overall economic and sustainable development objective (social welfare function) can be maximized. The findings are then compared to the experiences of the developed and developing nations and existing parameters of sustained development.