The evolution of sustainable economic development: Trends, trade-offs and trajectories for balanced economic activities

Abstract

This study presents a systematic examination of the paradigm shift towards mechanisms facilitating sustainable economic development, which has been instigated by the recognized deficiencies in conventional growth models pertaining to social, environmental, and economic dimensions. The discourse encompasses critical topics, including sustainable growth policies, environmental economics, sustainable entrepreneurship, poverty reduction strategies, green marketing and branding, and sustainable tourism. While discernible progress has been achieved, persistent challenges in areas such as inequality, climate change, resource management, and poverty necessitate further scrutiny. Future research endeavors may delve into understanding the motivations shaping sustainable development mechanisms, refining metrics to assess the impact of environmental entrepreneurship, and formulating strategies to address the intricate challenges associated with multifaceted poverty reduction. This shift towards balanced economic activities that promote environmental and social wellbeing is indispensable. Systematic, sustainable transformation encompassing governance, empowerment, renewable energy, and investments aligned with socio-ecological goals is imperative. And the impetus for sustainability integration is currently propelled by technological innovation, evolving consumer preferences, and widespread adoption across diverse sectors. This evolution signifies a collaborative trajectory to strike a delicate balance between economic growth and ecological limits for an equitable and sustainable development mechanism in the future.