A Critical Realist Perspective on Decoupling Negative Environmental Impacts from Housing Sector Growth and Economic Growth

In this paper I examine the extent to which economic growth and housing stock growth have been decoupled from negative environmental impacts over the latest two decades in the metropolitan areas of Hangzhou (China) and Copenhagen (Denmark). Research results show that housing stock growth and economic growth have been, at best, weakly decoupled from environment impacts, implying that the goal of sustainable housing development has not been fulfilled by the decoupling strategies. On the basis of this, constraints to decoupling strategies for housing sustainable development are discussed, which indicates a long-term incompatibility between housing stock growth and environmental sustainability. Arguably, sustainable housing development should be pursued by nongrowth in the housing stock in affluent countries in order to reduce the environmental impacts from housing consumption to a sustainable level. The visions for a nongrowth housing stock in both city regions are imagined in terms of potential risks and countermeasures.

In the conditions of modern globalization, resulting increased competition, the role of the leading industries of the country and their separate enterprises is growing. They define national competitive advantage. Therefore, it becomes important to overcome the challenges of long-term, continuous and stable economic growth of the country's enterprises as well as to achieve their optimal, balanced growth. Theoretical-methodological foundations of balanced economic growth include: modern approaches ensuring the balance of the economy in Georgia, components of a balanced system, assessment of both forms of integration of entrepreneurial structures and the sustainability of the company's economic growth, research of balanced economic growth models of the enterprise. It is important to analyze the potential and components of economic growth in Georgia, development challenges based on enterprise investments, knowledge and technology and find priorities overcoming them. It is important to use a system of balanced indicators, which includes methods of effective planning of enterprise activities, information gathering, objective evaluation of employees and motivation. In order to achieve the goal we can use not only financial, but also marketing, staff and business development indicators. As a result of this approach, the entrepreneur has the opportunity to consider as well as analyze all the cause-and-effect relationships leading to the implementation of his company strategy. It is important to balance financial indicators with other non-financial indicators. Financial management often faces economic problems that often reduce the effectiveness of managerial decision-making process. The Balanced indicators model allows the transmission of specific activities and strategies in the form of a set of fairly comprehensive indicators forming the system of strategic control and management of entrepreneurial activity. The Covid-19 pandemic has posed new challenges to Georgia. It also has set lots of tasks. In 2020, the economy of the experienced a deep crisis. At the same time, new opportunities and areas have emerged. The crisis has caused the both proliferation of remote services and a very rapid growth in the pharmaceutical field. The fields of technological and artificial intelligence have become more important, increasing the need to maintain a reasonable balance between the state and the private sector. The balance between the center and the regions changed, nature, ecology and the village acquired a new destination. The pandemic has changed our hospitality traditions. The country needs to overcome the negative consequences caused by the pandemic, restore the already reached level of the economy and accelerate development. The analysis of international ratings of Georgia showed that in order to achieve the economic growth of the country, it is necessary to improve the infrastructure, macroeconomic stability, labor market dynamics and the stability of the financial system. In order to tackle economic growth and unemployment, it is important to increase state support for companies through the implementation of various programs, to ensure universal access to monetary resources, and to liberalize the tax system. The government can create a competitive environment, develop basic infrastructure, improve level of education, make it easier to do business, introduce low, reasonable taxes, reduce business loans, reduce interest rates. It is important for companies, start-ups, to be closely acquainted with the requirements of the DCFTA representing a Deep and Comprehensive Free Trade Agreement with the EU. This will give us possibility to see the opportunities given by the agreement, what are the requirements in terms of goods and their quality in the EU market. Georgian products are often not competitive in terms of both price and quality in Georgia. It is important to know how businesses work together in the EU. This will enable entrepreneurs to overcome low productivity, low access to knowledge and technology. It is also important for entrepreneurs to realize that it is necessary to increase the quality of products, to disseminate relevant information about products in the EU and other markets. The results of the research conducted according to the questionnaire developed to identify the existing problems showed the factors hindering the balanced, optimal economic growth of enterprises (companies) in Georgia, the challenges and the ways to solve them optimally. Based on the above mentioned issues we have formulated the following important priority areas: effective implementation of measures to prevent the spread of coronavirus through the provision of a flexible health care system; increasing the competitiveness of the manufacturing, agriculture and tourism sectors to make the country attractive for investment; raising entrepreneurial culture, improving access to finance; implementation of programs adapted to the regional and cultural peculiarities of Georgia. In summary, it is important to adopt European standards as soon as possible, to harmonize Georgian legislation with EU legislation, achieve optimal quantity, quality, safety and security standards and stable delivery of products exported by Georgia in line with EU standards. It is also an important priority to promote internationalization, electronic communications, information technology, innovation, research and development, green economy development. Keywords: Financial profit, non-financial performance, aspects of balanced economic growth and operations of the company, economic sustainability and social orientation.

This study investigated the impact of the people category of the Sustainable Development Goals (SDGs) on sustainable and conventional economic growth in Asia and the Pacific region, using a sample of 52 selected countries between 2000 and 2023. Employing two distinct models, model A1 for conventional economic growth and model A2 for sustainable economic growth, we explained the relationships between five SDG indicators: employed poverty rate, stunted children, expenditure on health, expenditure of education, and % of women MNAs on economic growth. This study employed a fixed-effect model and random-effect model to investigate the impact of the people category SDGs on traditional and sustainable economic growth. The comparative analysis of each SDG in both models revealed valuable insights. SDG 1, “employed poverty rate”, has a positive impact on economic growth in both models, while SDG 2, “percentage of stunted child”, did not significantly influence economic growth in either model. Moreover, SDG 3 and SDG 4, relating to “government’s health expenditure per capita” and “government’s Education education expenditure per capita”, respectively, exhibited a positive impact on traditional and sustainable economic growth. Conversely, SDG 5, “percentage of women members of national parliament”, displayed an insignificant impact on traditional and sustainable economic growth models. In conclusion, this study suggests that policymakers should prioritize targeted interventions to alleviate employed poverty, enhance healthcare, and boost education spending. Moreover, promoting women’s representation in national parliaments should be approached with context-specific strategies to maximize its impact on economic growth.

This paper analyzes the determinants of economic growth sustainability in Indonesia. Based on annual data 1971-2017, this research applies the vector error correction model (VECM) to estimate the dynamic effects of the inflation rate, tax ratio, government spending, broad money, and exchange rate on economic growth. The findings present the existence of long-run equilibrium in a set of those variables. Specifically, the price level and fiscal policy have positive impact on economic growth sustainability. We also find that the effect of monetary policy on economic growth is neutral. The monetary authority should strengthen the impact of monetary variables on economic growth. The exchange rate is part of international factors that threats the economic growth sustainability. It implies that economic growth sustainability is closely related to the international financial sector. Therefore, the central bank should control the exchange rate variable at the safety level to maintain economic growth sustainability.

Must a society aim indefinitely for continued economic growth? Proponents of economic growth advance three central challenges to the idea that a society, having attained high levels of income and wealth, may justly cease to pursue further economic growth: if environmentally sustainable and the gains fairly distributed, first, continued economic growth could make everyone within a society and globally, and especially the worst off, progressively better off; second, the pursuit of economic growth spurs ongoing innovation, which enhances people’s opportunities and protects a society against future risks; and third, continued economic growth fosters attitudes of openness, tolerance, and generosity, which are essential to the functioning of a liberal democratic society. This article grants these challenges’ normative foundations, to show that, even if one accepts their underlying premises as requirements of justice, a society may still justly cease to aim for economic growth, so long as it continues to aim for and realize gains on other dimensions. I argue that, while continued economic growth might instrumentally serve valuable ends, it is not necessary for their realization, as a society can achieve these ends through other means.

A potential catch-22 for a sustainable American ideology

This dissertation is based on examining China’s long-term economic growth sustainability, and its effects and consequences on the world. For this purpose, the study set objectives regarding identifying various factors of sustainable economic growth of China, assessing effects of China’s economic growth sustainability on global setting and evaluating consequences of sustainable economic growth of China on the world. The research considered a qualitative method of research where authentic and reliable secondary sources were identified and included. The findings highlighted that various factor including large-scale capital investment, increased use of natural resources for additional investments, FDI flows, government-initiated policies, investment and attainment of foreign businesses, build-up of foreign exchange reserves, incorporation of market-oriented institutional changes, rural industrialization and technological innovation have contributed to China’s sustainable economic growth over the years. The findings also revealed that effects of China’s sustainable economic growth on global setting can be seen as Chinese allies and close trading partners have been positively impacted by rebalancing investments towards consumption of products. The findings further mentioned that consequences of sustainable economic growth of China for developed countries can be perceived as exploitation of natural resources has been reduced and focus on non-renewable technologies has been increased by China, which have made China globally competitive. Success of China is a reminder for the developing world to take its economic growth as an example that creates an influence on the global environment. Therefore, it is recommended to developing countries that use of non-renewable resources, infrastructure spending, expenditure for transport accessibility, improvement in internal market structure, liberalization and reforms will be beneficial in achieving sustainable economic development.

The article deals with the economic growth in different scale economies, namely, resource-abundant and resource–driven countries and chances for the conversion of the latter into the knowledge-based mode of development. The paper deals with two problems 1) economic growth in different groups of the small-scale countries of the world economy through the estimate of the historical context ; 2) dynamics of the assessment in small and large transit economies.The goal of the article is to promote the idea of the resource-rich economies which find themselves at different stages of overcoming transitivity from the curse to the blessing type of economic growth. The hypothesis of the article is that sustainable economic development and continuous economic growth in transit economies could be achieved by means of the formation of the rent capitalism model in the large resource-rich countries. The methods used in the article are analysissynthesis, historical and logical methods of investigation, methods of international comparisons. The main conclusion of the article is that due to the formation of rent capitalism model growing gigantic countries play a predominant role in the world economy and in the global financial markets gaining the role of the savior during the expansion of the global financial crisis.

ABSTRACTThis study examines the role of regulatory quality toward the achievement of India's sustainable economic growth. India's economy is known for its policy structure that guarantees infrastructural development and ease of doing business (EOD). EOD is a mechanism for achieving a structural development that stems from the informal economy. This has impacted India's economy positively through the increase in the small and medium businesses and enterprises (SMEs) because of the increasing participation of private agents in building and developing the entire economy. Hence, this study chooses India's economy as a specimen to examine the possible contribution of the selected variables as they are considered prevailing economic factors in India's economic performance. The direct motive of this study is to test and compare the impact of regulatory quality on EOD and economic growth in pursuit of sustainable economic development. While the focus is on the role of regulatory quality on EOD and economic growth, other vital and prevailing economic factors (banking efficiency, FDI and labor force participation rate) in India are introduced to the modeling of this study. India's economy is known for its policy structure that guarantees infrastructural development and EOD. It will add to the growth and sustainability literature to investigate the economy with respect to the implication of regulatory quality and EOD toward achieving sustainable economic growth; hence, the need for this study. For insightful research into the objectives, this study adopts a two‐model approach centered on economic growth and EOD. The study adopts Augmented Least Squares (RALS), newly developed RALS‐EG (Engle and Granger test), fully modified ordinary least squares (FMOLS), and autoregressive distributed lag (ARDL) techniques for effective analysis and justification of the objectives of this study. The findings from this analysis revealed the importance of regulatory quality to both economic growth and EOD for India through a positive interaction with the two targeted variables (i.e., economic growth and EOD). EOD has a positive link with economic growth; bank efficiency has a positive link with both economic growth and EOD; FDI has a positive link between economic growth and EOD. This shows that FDI, bank efficiency, and EOD policies will foster sustainable economic growth for India.

Debate about the relationship between environmental limits and economic growth has been taking place for several decades. These arguments have re-emerged with greater intensity following advances in the understanding of the economics of climate change, increases in resource and oil prices and the re-emergence of the discussion about �peak oil�. The economic pessimism created by the great recession of 2008-2012 has also put the spotlight back on the prospects for economic growth. This chapter provides a conceptual and synthetic analysis of the relationship between economic growth and environmental limits, including those imposed by climate change. It explores two related questions. Will environmental limits, including limits on the climate system, slow or even halt economic growth? If not, how will the nature of economic growth have to alter? It is concluded that continued economic growth is feasible and desirable, although not without significant changes in its characteristics. These changes need to involve ultimately the reduction of the rate of material output, with continued growth in value being generated by expansion in the �intellectual economy�.

Debate about the relationship between environmental limits and economic growth has been taking place for several decades. These arguments have re-emerged with greater intensity following advances in the understanding of the economics of climate change, increases in resource and oil prices and the re-emergence of the discussion about “peak oil”. The economic pessimism created by the great recession of 2008-2012 has also put the spotlight back on the prospects for economic growth. This chapter provides a conceptual and synthetic analysis of the relationship between economic growth and environmental limits, including those imposed by climate change. It explores two related questions. Will environmental limits, including limits on the climate system, slow or even halt economic growth? If not, how will the nature of economic growth have to alter? It is concluded that continued economic growth is feasible and desirable, although not without significant changes in its characteristics. These changes need to involve ultimately the reduction of the rate of material output, with continued growth in value being generated by expansion in the “intellectual economy”.

Quantitative Aspects of the Economic Growth of Nations: VIII. Distribution of Income by Size

Purpose Sustainable development requires a healthy housing stock and market for nations. However, economic conditions pose major obstacles in the housing sector particularly in Türkiye. To ensure that sustainability is measurable, the use of sustainability indicators and the evaluation of their impacts are gaining importance. This study aims to create a framework for economic sustainability in the housing stock, identifying and prioritizing key indicators and creating a database by compiling certain indicators from the literature so that economic sustainability can be measured, particularly in the context of current housing stock and real estate. Design/methodology/approach For the aim of developing primary themes and establishing a framework to enhance the economic sustainability of the housing stock, identifying solution categories associated with these themes and indicating potential areas for addressing the identified issues is crucial. After predicting the problem, first, a systematic literature review was conducted and selected studies were utilized to compile a comprehensive list of economic sustainability indicators for the housing stock. To avoid redundancy, indicators with overlapping meanings were consolidated or redefined. Secondly, a Delphi survey was conducted to rank the economic sustainability indicators, which were compiled through the literature review, according to their importance and priority as assessed by experts and to statistically analyze their responses. Findings According to the Delphi survey results, mortgage interest rates, categorized under the theme of “affordability and availability,” emerged as a critical indicator of the economic sustainability of housing stock in Türkiye. Inflation rates indicator, which is under the “financial reliability” title, is the second most important indicator by a small margin. In addition, according to the averages of these two topics, “affordability and availability” and “financial reliability” are more decisive than other themes in this order. These survey results underline the centrality of economic factors, particularly mortgage interest rates and inflation, in ensuring the sustainability of housing stock. The emphasis on affordability and financial reliability highlights the necessity of targeted policy measures to address economic vulnerabilities and stabilize housing markets in Türkiye. Consequently, this study approached economic sustainability from a housing stock perspective, offering a broader, macro-scale analysis of the issue. Originality/value To achieve economic sustainability in housing stock, a coordinated approach involving the government, financial institutions, community, real estate market and the private sector is essential. The government must implement policies that regulate mortgage rates, inflation and infrastructure development, while financial institutions should provide affordable housing finance options. The community plays a key role in supporting sustainable housing initiatives, and the real estate market must adapt to demand to ensure stability. The private sector can drive innovation, particularly in appropriate technology and housing quality, helping to improve affordability and efficiency. Together, these sectors can foster a stable, sustainable housing market that benefits future generations. However, the results suggest that government, financial institutions and the real estate market play critical roles in ensuring economic sustainability.

Publisher Summary This chapter discusses the financial development and economic growth in underdeveloped countries. An observed characteristic of the process of economic development over time, in a market-oriented economy using the price mechanism to allocate resources, is an increase in the number and variety of financial institutions and a substantial rise in the proportion not only of money but also of the total of all financial assets relative to GNP and to tangible wealth. Typical statements indicate that the financial system somehow accommodates—or, to the extent that it malfunctions, it restricts—growth of real per capita output. Such an approach places emphasis on the demand side for financial services; as the economy grows it generates additional and new demands for these services, which bring about a supply response in the growth of the financial system. In this view, the lack of financial institutions in underdeveloped countries is simply an indication of the lack of demand for their services.

The International Energy Agency, headquartered in Paris, was founded in the early 1970s and is an energy policy advisor to 27 countries.[...]