How does theories of economics contribute to the Sustainable development concept formation?

Abstract

This article delves into the nuanced influence of diverse economic theories on the concept of sustainable development, spanning economic, social, and environmental dimensions with intricate complexity. It elucidates the varying perspectives on the sustainability of economic growth and the evolving ethical discourse within economics, offering valuable insights into their implications for sustainable development efforts. Through an exploration of economic development, the article investigates the dynamic interplay between international dependence and liberal theory, drawing parallels among the ideas of influential economists like Karl Marx, Adam Smith, and David Ricardo. It highlights the inherent link between economic and social spheres, particularly emphasizing income distribution’s pivotal role in addressing real-world challenges and advancing sustainability objectives. Furthermore, the article delves into social development by examining Amartya Sen’s capability approach, which breathes new life into classical economic concepts by emphasizing individual agency. It contrasts prevailing economic paradigms and their consequences for sustainable development. Finally, in the environmental realm, the article discusses resource and environmental economics alongside ecological economics, presenting nuanced interpretations of sustainability rooted in either neoclassical or classical theory. This comprehensive analysis provides valuable insights into the complex landscape of sustainable development, aiming to inform and guide future endeavors in this critical field.