Sustainable rural development in the context of modern political economy discourse

Abstract

This article deals with the problem of methodological consistency of economic growth and sustainable development of territories, in particular, agglomerations and rural territories. The purpose of the study is to analyze approaches to measuring the value produced in the context of the sustainable development goals and the political economy discourse on the equity of benefits distribution in the model of centre-periphery interactions. In comparison with traditional approaches, in which the value of natural resources is estimated based on income capitalization, the pricing mechanism and price structure are analyzed in the context of spatial inequality. The article shows that natural rent-forming factors with significant transaction costs are depressed by institutional and spatially related factors. The results of the analysis indicate the need to separate the dimensions of economic growth and environmental efficiency indicators. The law of spatial inequalities in relation to the opportunities and prospects for the development of territories is formulated. The law leads to cognitive dissonance (in the measurement of economic and natural capital) and decoupling (in the relationship between agglomerations and rural areas). The study points to the need to use methodologies that take into account spatially and institutionally related factors in order to more accurately evaluate value, taking into account the sustainable development goals.