Social Economics: A New Approach to Sustainability

Over the course of the last century, society has witnessed an astronomical change in our world. This change, led by growing industrialism and capitalism, has destroyed the Earth’s ozone layer, clouded our oceans, and increased the prevalence of natural disasters. With greenhouse gasses at an all-time high, over a million species facing extinction, and increasing temperature worldwide, it is more imperative than ever that society as a whole takes a stance on sustainable change. Although the world came together in 2019 to fight against the depreciating ozone layer by banning chlorofluorocarbons and hydrofluorocarbons, it is unfortunately not enough. Temperatures are still rising, species are still being wiped out, and greenhouse gasses are still swelling. However, the relatively new approach of social economics could potentially provide a solution to growing environmental concerns. 

Social economics is primarily concerned with the connection between social development and economic activity within society. It gives way to a sustainable connection between the private sector and social initiatives. Over the last fifty years, it has become evident that charitable donations are not maintainable. Specifically, donations are typically on a one-off basis and prevent a suitable, continuous funding for change. In order to truly create long-lasting change, mutualistic partnerships between business and sustainability must be created and sustained. For example, in a developing country, it is in the corporate business’ interest to invest in non-profits and higher education initiatives. Although corporate business may not see an immediate yield, businesses will benefit in the long term from smarter and increasingly able applicants. Not only will this help the corporate world, but it will also ensure a long term partnership with nonprofits for sustainable development. This can be specifically visualized in a recent partnership between Ocean Conservancy, a non-profit aimed at cleaning oceans, and Bumblebee Seafood Company, one of North America’s largest seafood companies. This partnership not only benefits Ocean Conservancy’s agenda of creating cleaner oceans, but also helps provide cleaner and healthier fish for the Bumblebee Seafood Company. 

Hundreds of pioneers every day utilize the approach of social economics to create long-lasting change. To raise awareness, it is imperative to identify these partnerships and create positive action. This relatively new concept must be further embraced by the large corporate business sector in order to ensure not only that the disturbing fate of our world is thwarted but also to ensure that it is long-lasting. 

Neil Pereira is currently a junior attending Scarsdale High school in New York. Working alongside social economics and higher education leaders, Neil has developed a keen interest in sustainable development. Neil is a strong activist for change and believes in the strength of spreading awareness. In his free time, Neil likes to play tennis, fence, and read.