Space-time value stream model in sustainable development

The long-term future of world economics is strongly dependent on resources and the environment. Findings from European Union study shows that the world is losing $2-$5 trillion in natural capital/year due o the degradation of the ecosystems. US intelligence community study shows that oil and gas supplies will continue to dwindle and production will be concentrated in unstable areas and by 2030, 1.4 billion people in 36 countries are likely to face water shortages. Study in Australia shows that climate change can result in 92% decline in irrigated agricultural production in Murray-Darling Basin, affecting dairy, fruit, vegetables, grains and an additional 4000 heat-related deaths in Queensland/year by the middle of this century. The increasing complexity of the modern economy makes it difficult to estimate the consequences of future developments and interventions by governments through policy changes. Sustainable Development (SD) addresses these challenges by meeting the needs of the present generation without compromising the needs of future generations. In this paper a ‘Space-time value stream’ model is proposed to integrate issues and themes that make up the SD framework. Scenario creation analyses the behaviour of a system (business, region, country), under various levels of input variables. The proposed model is applicable to industries, governments and lobby groups as a strategic decision tool for analysing the impact of sustainability initiatives taken in any time horizon to make informed decisions for SD.