CONCEPTUAL APPROACHES TOWARDS SUSTAINABILITY

Abstract

Sustainability and security assessment currently arises as comprehensive and integrated approach. Sustainable development is a fundamental and overarching objective of the European union (Eu) countries. It aims to improve the quality of life of citizens through sustainable communities that manage and use resources, by linking economic development and security, protection of the environment and social justice. Measuring progress towards sustainable development is an integral part of the Eu Sustainable Development Strategy (SDS), that defines objectives and targets intended to put the European union on a path towards sustainable development. The issue of economic security and sustainability has been analyzed in theory from different perspectives. In many studies the macroeconomic indicator Gross Domestic Product (GDP) is the best-recognized measure of economic performance in the world. However, GDP may measure economic growth but does not involve all aspects of sustainable growth or development. In order to effectively measure progress and wealth, clear indicators are needed that incorporate social and environmental costs and benefits. There is no shortage of research on indicators complementary to GDP, but this remains a subject for academic discussions. In order to manage security and sustainability, society has to formulate clear and measurable goals of sustainability. The level, at which these goals are achieved, might be measured using sustainable development indicators. The paper aims to reveal prevailing conceptual approaches of sustainability from the macroeconomic as well as corporation perspectives, to summarize and compare the key factors describing sustainable development. The method of the research is based on logic abstraction that encompasses generalizations and examinations on theoretical approaches and academics’ surveys.