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- Title
QUALITY OF GROWTH AND THE CONCEPT OF SUSTAINABILITY IN THE SCIENCE OF ECONOMIC DEVELOPMENT.
- Authors
Cvetanović, Slobodan; Turanjanin, Dragan
- Abstract
Economic growth is the most important indicator of the quality of national economy functioning. It means an increase in the value of national production over time. Continuous economic growth in the long run is an important prerequisite for meeting the growing needs of people through the use of limited productive resources. The category of economic development, in terms of its content and comprehensiveness, is a broader term in relation to economic growth, because, in addition to the growth of the value of production, it also includes a whole range of extremely different transformations of the economy and society. In short, besides the content of economic growth, the phenomenon of economic development includes complex structural, institutional, organizational and technological changes, which enable increased production to be realized and distributed within the national economy and beyond. The goals of economic development, by their nature, are a distinctly dynamic category. Once a goal is specified, it does not always have the same significance and weight, regardless of the situation in which the analyzed economy is. Also, the goals are not the same for all countries, despite their level of economic development. However, there are goals such as growth in the production of goods and services, reproduction of the population with growing employment, raising the level of education and development of research, increasing economic efficiency, ensuring a high level of economic freedom, fair income distribution, economic and social security and increasingly stringent environmental requirements which are characteristic of the largest number of modern economies during the last half century. The phenomenon of development is one of the central aspirations of people in the history of civilization. Its realization, ultimately, enabled the survival and uninterrupted prosperity of the human species on Earth. It largely corresponds to numerous social transformations and, in the most general sense, it is an essential assumption of the progress of society as a whole. The idea of sustainable development is more convincing if it is interpreted as a way that an additional level of development can be socially unnecessary, if the environment is catastrophically degraded, if greater inequality in distribution leads to political unrest, etc. Sustainability implies responsible behavior towards future generations, despite of the fact that they do not have the right to vote and cannot influence policy-making. A distinction should be made between the concepts of weak and strong sustainability. The concept of weak sustainability is based on the moral of neoclassical economics, while the concept of strong sustainability is based on the findings of ecological economics.
- Subjects
ECONOMIC development; CIVILIZATION; SUSTAINABLE development; ECOLOGICAL economics; SOCIAL security
- Publication
Knowledge: International Journal, 2020, Vol 41, Issue 1, p29
- ISSN
2545-4439
- Publication type
Article