The Road from Economic Growth to Sustainable Development: How was it Traversed?
18 Pages Posted: 11 Jan 2008
Date Written: January 10, 2008
Development theory has come a long way over the last century. It started with the notions of economic growth and development, and eventually has reached a stage where governments and academics are looking at more holistic patterns of living than merely growth. Sustainable development, eventually, has become the most important notion of the day, and provides a more comprehensive definition of development, linking up ecological services and quality of life with economic growth. Such a paradigm shift in a phase of less than a century is no less than a revolution. The path has been traversed with a whole lot of cognitive dissonance, debate and scholastic antagonism. This article attempts to trace the story of how the road has been traversed, by highlighting the various theories of economic growth and development, and the debates between the economists over the years that have helped the discipline traverse such a long way.
Keywords: Economic Growth, Development, Sustainable Development, Economy, Society, Ecosystem, Markets
JEL Classification: O10, O20, N00, Q01
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