2. Tariq Al HabtoorTariq Al Habtoor
Tariq Al Habtoor is an intellectually-curious individual –
someone who enjoys ideas, topics and exploration that both
challenge his perception of the world and stimulate a new
way of thinking about how the world works and what it is
capable of.
3. Tariq Al HabtoorTariq Al Habtoor
In that respect, Al Habtoor appreciates the study
and discussion of economics – particularly as it
falls within the framework of economic
sustainability.
4. Tariq Al HabtoorTariq Al Habtoor
As Tariq Al Habtoor knows, economic sustainability was
famously broken down into three core principles – those
defined by noted expert John Ickerd as:
•Sovereignty
•Efficiency
•Scarcity
5. Sovereignty
Considered the first basic principle of sustainability,
sovereignty is the concept of free will – or the lack thereof –
when it comes to choosing what to buy or seizing on
available economic opportunity. Many economists make the
assumption of individual sovereignty without considering
the market forces of persuasion (marketing) and excessive
borrowing.
6. Efficiency
Essential to the concept of sustainability, efficiency refers to
value vs. cost. It is said that when the value of an object or
service is greater relative to its costs, than that object has
greater efficiency.
Maximizing an object’s value is therefore critical to achieving
maximum efficiency.
7. Scarcity
When a thing is scarce, it is said to have economic value – as
opposed to that thing’s intrinsic value, which is directly
related to necessity.
This principle is directly tied into the economic concept of
supply and demand.