Sustainable Development where development "meets the needs of the present without compromising the ability of future generations to meet their own needs"-Brundtland Commission
The first part of today's lesson was on Technology & Industrial Development: Moving towards Sustainable Development. We were introduced to 2 new concepts; Linear thinking and Circular thinking. Sustainability needs to shift from linear thinking to circular thinking. Linear thinking where economic well-being was the top most priority, and achieving it at the cost of environmental well being, whereas circular well being is where there's opportunity for innovation, growth and values creation that promises economic as well as environmental well being. In my opinion, I feel that this should be the case. We should move towards circular thinking.
In reading 1, it has the summary of key issues in industrial development from the perspective of the European Commission, It states under fact 2 that, "If carried out in a sustainable manner, taking into account the often fragile nature of the surrounding environment, societal patterns and economic conditions, this can achieve lasting improvements in living standards, incomes, working conditions, education and healthcare. If, on the other hand, industrial development is coupled with environmental degradation and resource depletion, societal exploitation and economic recklessness, the associated benefits, if any, will not last." I agree with this statement. This is why i feel that in order to have sustainable development; we have to shift towards circular thinking. I feel that as much as a country wants to develop its economy, if it does it at the expense of its environment, there'll definitely be repercussion. It's the future generation that will suffer. And instead of trying to keep up the pace with the other countries' economic status, it has to spend more time and effort trying to reconstruct the environment (includes the business environment, not just the environment literally). Without a proper environment, one country is unable to progress economically as it now becomes the stepping-stone for them. This would eventually slow down economic development. Hence, for there to be sustainable development, I feel that we need to change our thinking.
Then again, things might be different in the less developed countries. Without enough resources and money, the government's top most priority is still to achieve economic development so as to support its people and to improve the problem of poverty. In such a situation, would the government consider a shift in the thinking? Will they spend their limited resources on saving the environment or solely concentrate on economic growth? There’s opportunity cost here. Due to capital constrains and other factors, they may not have the ability to achieve economic growth and maintain environment well being at the same time. As we all know, maintaining environmental well-being is expensive. However, we all know that the environment is the one of the key to economic growth.
Then we moved on to discuss about Technology and Innovative Management. Should innovation be market driven society or technology driven? Like what prof says, I feel that it really depends on the country itself. If the country is already having difficult sustaining its economy, they should be more market driven. Because demand is already there and hence, it’s more profitable for the company/country. Little advertising is needed and hence, they also incur lesser costs. If the country, for instance like Singapore, with it’s stable economy, we can afford to be technology driven. Looking at how Singapore Budget 2010, it states that, “The Government will introduce the Productivity and Innovation Credit to spur a much broader range of innovative activities through more generous tax benefits”. The Government is encouraging innovation here in Singapore. I feel that with innovation, it further improves the country’s economy status, as there’s product differentiation, where things are not the norm. Though more costs may be incurred trying to sell the product or services, once the people see the value of it, demand will start rising.
Moreover, living in the always changing, fast pace and competitive society, we have to explore new things and hence I feel that innovation should be technology driven though it may take time to create demand. And of course, it has to be something that of use and beneficial to the people.
I found the presentations really fresh especially the one regarding wiki. Knowing that it’s getting more respected and reliable(: I always like to refer to wiki when I encounter things that I’m unsure as I feel that it gives a comprehensive background information.
Class rating: 8/10
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