Economic Feasibility and Social Development: A Complementary Relationship

Abstract

This study examines the integration of economic feasibility and social development as a critical approach to achieving sustainable and inclusive growth. The purpose is to explore how combining financial viability with social equity can enhance development outcomes. The research highlights the historical separation between economic and social agendas, which often results in fragmented policies and undermines long-term sustainability. Using a comprehensive literature review and analysis of existing frameworks, the study emphasizes the importance of standardized social impact metrics such as Social Life Cycle Assessment (S-LCA) and Social Return on Investment (SROI) to incorporate social outcomes into economic evaluations. Key findings reveal that social entrepreneurship and inclusive business models effectively balance profitability with social value, while innovative financing mechanisms-like blended finance and impact investing-mobilize private capital for socially beneficial projects. The study also identifies the crucial role of supportive policy frameworks, capacity building, and multi-stakeholder engagement in facilitating this integration. Furthermore, the private sector emerges as a vital partner through investment, innovation, and responsible practices, contributing significantly to sustainable development. In conclusion, the research recommends adopting a holistic, multi-actor approach that aligns economic feasibility with social development, ensuring projects are both financially sound and socially impactful. This integrated strategy fosters resilient, inclusive societies that meet present needs without compromising future generations.