Achievement of extremely good economic growth is a dream of all the nations across the world. This is the way, through which one nation can prosper in all aspects. However, it has been seen several times that in the course of economic growth, one thing is terribly hampered and misaligned, and that is economic development. Evidences can be found from history that while achieving economic growth, sustainable development came as the price. There are several poor sides of any economic growth, and those can be stated as per the following:

• Sustainable development contains three pillars, namely economic, environmental and social development. Inability to fulfill any of these three aspects can make the sustainable development objectives void. If the economic growth pattern of any nation is being looked at, then it can be seen that the growth is being attained by continuous consumption of natural resources. This has two side effects. First, the balance of natural resources is going down rapidly, and second, due to combustion of these resources, the emission level in the environment is rising. In this process, the environmental sustainability is compromised to a great extent.
  
  
• As the economic growth of the nations is majorly driven by consumption of several natural resources, economists around the world are afraid that this growth cannot be sustained for a longer period. As soon as the pool of resources will be exhausted, the growth may come to a screeching halt. In order to sustain the economic growth, nations have to look for alternate sources of energy, which may be in the form of bio-fuel, renewable energy, nuclear energy etc. If the alternate sources of energy cannot be located, then the economic sustainability aspects can also be compromised to a great extent.
  
  
• While traversing along the growth trajectory, it has to be observed that whether the wealth is being distributed among all the segments of the population, or not. In most of the cases, the wealth distribution is not equal, and that is the reason behind the rise in income inequality in the nations. While attaining the rapid economic growth, fair distribution of income takes a back seat for the policy makers, and they try to exploit their labor force to get the maximum out of them, without compensating them in accordance with the industry standard. As a result, their living standard, hygienic state, and in turn efficiency is affected. This compromises the social sustainability aspects.
  
  

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Economic growth of any nation largely depends on the pool of natural resources, and the pattern, at which those natural resources are utilized in the process of economic growth. If the pattern is a very systematic one and is regulated by the governments of that nation, then attainment of sustainable economic growth can never be a big problem for those nations. However, it has been seen in most of the cases that the consumption pattern is not at all systematic, and in turn, the economic growth of those nations turns out to be unsustainable. Natural resources are deemed as Public Goods and that is the reason, the citizens do not impose legitimate value on those resources. They share the fate of any other public property, despite the rules and regulations being set by the governments in order to protect them.

Economists across the world have observed this phenomenon for several years, and they have come up with two hypotheses in order to put forth their thoughts and concerns. Those two hypotheses are as per the following:

• First is the Environmental Kuznets Curve hypothesis. This hypothesis talks about an inverted U-shaped association between economic development (measured by per capita income) and environmental degradation (measured in per capita terms). According to this hypothesis, when a nation is at a least development stage, they try to consume their natural resources to the full extent in order to achieve the economic growth, as at that point, that is the only major amount of capital freely available to them. At this stage, environmental degradation grows with per capita income. For a developing nation, when the per capita income attains a certain stage, certain environmental awareness arises among the citizens, which lead towards gradual reduction of environmental degradation. That per capita income is referred to as the Turnaround point of the curve. For the developing nations, the awareness is higher than that of the developing nations and they have proper environmental protection regulations at place, and therefore they can achieve the least possible environmental degradation.
  
  
• Second is Resource Curse hypothesis. It has been seen that a country with a huge pool of natural resources grows less than a country having less amount of the same. They try to export those resources to other nation in order to appreciate their exchange rate, and on the other hand, the corporate houses in those nations lack innovational capabilities, which can add to lower growth in their national income.
  
  

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