Abstract
Rapid economic growth is a relatively recent phenomenon, which has been examined since the end of the 18th century. In the scientific literature researchers use the concept of “economic growth” and “economic development” when analyzing economic processes. “Economic growth”, as defined by Paul M. Romer occurs whenever people use resources and rearrange them in more valuable ways. Thus, economic growth means an increase in a real national income / national output. In contrast, economic development is an improvement of the quality of life and living standards, e.g. improvement of literacy, life expectancy, and approach to environmental issues. Economic development encircles a wider range of metrics than just gross Domestic Product (GDP) per capita, it is about actual standard of living, level of environmental standards, availability and quality of housing and other aspects. The article analyzes, compares and evaluates theories of economic growth and economic development in the context of sustainable development.
Highlights
People's needs have changed over the centuries, from the basic need for food and shelter to the need for self-affirmation and recognition
Economic development encircles a wider range of metrics than just gross Domestic Product (GDP) per capita, it is about actual standard of living, level of environmental standards, availability and quality of housing and other aspects
Romer and his colleagues developed an endogenous theory of economic growth and proved that the development of long-term economic growth at a steady state is possible if technical progress, increasing production returns and human capital development are put to use
Summary
People's needs have changed over the centuries, from the basic need for food and shelter to the need for self-affirmation and recognition. DIEM (1) 2022 economic development at the expense of other countries and nations, limited natural resources, ecological problems. This change in public perception should be seen as the moment when it began to develop the concept of sustainable development. At the initiative of the Swedish government, the United Nations Conference on the Human Environment was convened in Stockholm in 1972, the first such debate on environmental and development issues, marking a turning point in the attitude of world leaders towards environmental issues and foundations for a modern understanding of sustainability issues. The aim of the article is to analyze and compare the evaluation of economic growth and economic development theory in the context of sustainable development
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
