In short, ‘Sustainable Prosperity’ (SP) refers to living well with less material consumption and centres equity, inclusivity, resilience, long-term thinking, and place-specific approaches with sustainability efforts.
A more formal definition comes from here that suggests “Sustainable prosperity represents a unifying and guiding vision that simultaneously targets economic, environmental, and socio-cultural health. In addition to cultivating a healthy place-based economy, sustainable prosperity includes efforts to maximise the value of a regional community’s place (environment) and identity (community). Specifically, the pursuit of sustainable prosperity places financial progress in a larger balance with environmental stewardship efforts and public health; social well-being, equity, and happiness; and community capacity, vitality, and resiliency.”
It is important to reflect on how this is different from “Sustainable Development” (SD) which is “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” (International Institute for Sustainable Development). The SD approach – along with the 17 Sustainable Development Goals of the UN – is one that has stronger emphasis on notions of sustainable (economic) development, as opposed to Sustainable Prosperity which instead tries to both focus on social notions of equity, happiness, community, as well as how communities might ‘sustain’, and not ‘grow’
Place-Specific Approaches to Sustainable Prosperity in the Arts & Cultural Sector 