SUSTAINABLE LOCAL DEVELOPMENT, PROMOTION AND FUNDING

Abstract

One of the basic concepts of economics of natural resources and environment is the concept of sustainability or sustainable development. 
Despite the different interpretations that can be found in the literature, this concept now belongs to a central place in the consideration of 
long-term prospects for survival and prosperity in the economy, and society as a whole. Sustainability, or sustainable development, it 
appears that as an essential prerequisite, as well as the ultimate goal of effective organization of a number of economic and social 
activities. Very notion of sustainability is not new. Its roots can be found in works of classical economics, the early attempts to answer the 
question about the prospects of development of human society. Not only Smith, but Ricardo and Malthus, especially, seek answers to 
questions related to the limited natural resources, primarily land, then the demographic growth and the diminishing returns in production.  
However, the issue of sustainable development has attracted the attention of the nineties of the twentieth century. Its fundamental 
objective can be defined as the maximization of human welfare and to provide clear economic and social basis - both for the present, and 
future generations. Thus, the concept of sustainable development implies the process towards achieving a balance between economic, 
social and environmental requirements to ensure to "meet the needs of present generations without compromising the ability of future 
generations to meet their needs."  Operationalization of the concept and its application in practice are the result of theoretical and political 
aspirations aimed at ensuring long-term development of human society and the preservation of the environment.