Criteria for Assessing Sustainable Development: Theoretical Issues and Empirical Evidence for the Case of Greece (original) (raw)
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RELATIONSHIPS BETWEEN SUSTAINABILITY DIMENSIONS IN GREECE
Book of Proceeding of the 93rd International Scientific Conference on Economic and Social Development – "Green Economy & Sustainable Development" – Cakovec,, 2023
Sustainability, or sustainable development has three aspects: economic, social and environmental. The level of economic development is shown by a nation’s standard of living or purchasing power and is measured by the real per capita output. Social resilience is indicated by income inequality and quantified by the Gini coefficient. Environmental sustainability is approximated by the amount of greenhouse gas emissions per capita. The objective of this research is to empirically study the relationships between the degree of economic development, social resilience and environmental quality in Greece. This objective has been accomplished by deriving the original and the environmental Kuznets curves for Greece. The original Kuznets curve displays the connection between the level of economic development (real GDP per capita) and social stability (the Gini coefficient), whereas the environmental Kuznets curve illustrates the link between the degree of economic development and the level of environmental degradation. The relationships between the standard of living and income inequality, on the one hand, and the standard of living and environmental degradation, on the other hand, have been both investigated by an ordinary least squares (OLS) regression. The empirical results from the research show that in Greece the rise in social resilience and environmental quality is accompanied by a fall in the living standard (the purchasing power per capita). It is advisable that Greek policymakers shift the Kuznets curves to the right in order to achieve a better tradeoff between the living standard, on the one hand, and income inequality and the quality of environment, on the other hand. The original Kuznets curve may be shifted to the right by changing the type Green tax system from consumption-based to hybrid. The environmental Kuznets curve can be moved to the right by investments in low-carbon economy, which contribute to “green” economic growth.
This paper has developed a method for forecasting the future paths of genuine savings (GS) with and without carbon dioxide (CO 2 ) emissions constraints. GS calculations require shadow prices, which can be endogenously determined for variables and constraints in a model. However, in case of a 'business as usual' model (BAU), the shadow prices required for calculating GS without constraints show theoretically zero. This research derives the shadow prices required to measure GS for the BAU case as a function of several variables available in the optimal (economically efficient) case. This function is estimated from endogenously obtained variables from a model with environmental constraints. Subsequently, this function is used to calculate shadow prices with and without CO 2 constraints, which are further employed to compute future paths of GS according to two methods applied in the papers by Arrow et al. We successfully estimated GS (or GSnt; GS with changes in population and technology) under the BAU case, however, suggest that GS (or GSnt) measures depend, to a great extent, on the time span under consideration (truncation year) for wealth accounting and the accounting methods by Arrows' papers used for its estimation. In some cases, especially according to the methodology used by Arrow's paper in 2004 using adjusted consumption in wealth accounting, the sign of GS (or GSnt) changes from negative to positive when changes in total factor productivity are taken into consideration. These aspects should be explored before measuring (un)sustainability of a particular path based on the GS (or GSnt) indicator.
VARIOUS APPROACHES TO SUSTAINABILITY IN ENVIRONMENTAL ECONOMICS
There are diverse and seemingly conflicting concepts in sustainability as it is evident that studies based on different concepts yield contrasting results.. For example, the Environmental Sustainability Index1showed that 73 nations are unsustainable while the World Bank's ranking of sustainability showed that only 32 nations are unsustainable (Yale, 2005 and World Bank, 2006). The confusion is further compounded when nations such as Russia and
Sustainability and GDP: Converging or Diverging? - an Econometric Analysis
International Education and Research Journal, 2017
The normative context suggests that GDP and Sustainability must complement each other as against the positive theory that brings in the confoundment regarding the two aspects being complement to each other. Sustainability is how a particular system remains diverse and productive. It thrives to make the system long lived and healthy. The underlying principle is to enhance the endurance of the existing processes so as to make proper space for the future requirements. Over last few decades, sustainability has promptly become prerogative issue for the economists, policy makers, environmentalists, and corporates. The main challenge in this embryonic arena is to gauge the impact of sustainability on every aspect of our economy. We have seen exceptionally good GDP figures in the recent years. This paper attempts to understand the linkages between GDP, the most common measure of economic growth and sustainability. The 2005 World Summit on Social Development identified three pillars of sustainable development, such as economic development, social development and environmental protection. For the purpose of our study, around 17 variables from these three different clusters have been analyzed using time series analysis and the variables with most significant impact have been considered to construct a robust economic model to understand the impact of these three pillars of sustainability on GDP. This paper concludes by suggesting that National authorities should endeavor to promote the internalization of sustainability costs so as to make GDP a better measure. Our analysis leads us to the conclusion that a self sufficient and self-explanatory measure is desirable to ensure incorporation of sustainability and consistent growth in order to reflect true well-being of our economy. With the introduction of Green GDP in the current Five Year Plan, it can be expected that this measure fulfils all expectations.
SHS Web of Conferences, 2021
Sustainable development represents a comprehensive approach that focuses on economic, social and environmental aspects in order to meet the needs of the present without compromising the ability of future generations. The main aim of the paper is to reveal the impact of selected global multicriteria indices (through Global Innovation Index, Doing Business Index, Economic Freedom Index, Corruption Perception Index and Human Development Index) on sustainable development (expressed by Sustainable Economic Development Assessment) within EU(28) countries for the period of 2011 to 2018. Secondary data were processed using panel data regression analysis. Results of average score in the field of sustainable economic development showed that Finland (84.5) achieved the best-performed, while the worst position was recorded by Romania (56.5). Looking at the selected indices average scores, the leading position was indicated in the case of Denmark (80.5) and the worst results was obtained by Gree...
As is well known there are a variety of concepts of sustainable development. This paper concentrates on the main economic concept of sustainable development and discusses weak and strong conditions for it, taking into account the scope for substituting different types of capital - man-made capital (physical and human) and natural resource or environmental capital. A simple diagrammatic approach is adopted which should help to clarify controversies in this area, and allow also for the views of ecocentric persons. The possibility is explored that the conditions for sustainable development may differ between countries - some are able to adopt weaker conditions than others. In addition, some of the implications of weak and strong sustainability for project evaluation are explored and a dilemma is raised about offset policies as a means for satisfying strong sustainability conditions.
An environmental-economic measure of sustainable development
European Economic Review, 2014
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Sustainability in the Economic Sense
Purpose: What is the perception of sustainability in the economic sense? Human behaviour cannot continue in the actually given way as the usage of natural resources exceeds regenerating ability of the earth. The result of human behaviour is called ecological footprint of human mankind; it will have crucial impacts on national economies and the business of its companies via external diseconomies. Indicators, values and consequences get investigated. Design/methodology/approach: Any here discussed objectives are only a small extract of all existing or potential objectives. The research method used by the author was an analysis of existing and published literature within Web of Science and elsewhere like the UNO and her organisations (in total more than 15 references), mainly from the last decade. The approach of the topic is to define and evaluate the actual status quo of sustainability regarding economics from the US American and German point of view. Findings: Research findings are shown within a brief summary to offer an opportunity for further analysis, discussions, or results. The ecological footprint is an accepted possibility to measure effects of men on nature, based on numerical indicators and values. The incurrence of external diseconomies must be charged or taxed in full. Economy, Society and Environment have to go hand in hand and people have to be taught their current behavior cannot continue in the previous way anymore. Research/practical Implications: results and implications for practice, applications and consequences are identified as added value. Changes of sustainability and its effects can only be evaluated in the mid and long term run. Any real short term effects should not be expected. Avenues of future research should have always a focus on sustainability, if current behaviour of human mankind offers an acceptable opportunity of surviving for future generations. Originality/value: This paper sees sustainability from the economics point of view (a research gap so far) and is in contrast to most existing literature which has the approach from the environment (natural sciences/technique) or society/politics.
A Scoping Study on the Macroeconomic View of Sustainability
This study examines whether the current macroeconomic models are up to the task of evaluating policy from a sustainable development viewpoint, or whether they "miss" something that may systematically bias them. The analysis focuses on 60 of the most used models and looks at them in the light of what both neoclassical and ecological economics would suggest is needed and important. Three major constraints are spotted which could be material for policy makers in certain circumstances: the often one-way linkages from economy to environment; physical limits, such as stocks and maximum carrying capacities are not usually covered in the analysis; the models are not good for making a proper assessment of "extreme" scenarios. There is particular scope for improvement in the modelling of resource use, but recommendations also cover: the role of technology, non-linear relationships, thresholds, limits and uncertainty. Overall, it should be possible to move macroeconomic models towards a more systematic modelling of the two-way linkages between the environment and the economy, and to allow for a more comprehensive assessment of how the economic, environmental and social aspects of our societies affect each other.
Reduced Inequalities as Factor of Sustainable Development: The Analysis Under Econometric Models
The paper proposes a different approach for the analysis of the sustainable development in the context of 2030 Agenda. The authors defined and used a cumulative model. For the beginning, the authors compare the dependent variable with the regressors of the four reporting entities: EU28, Romania, Turkey and Switzerland. These entities cover EU, the country of the authors, a candidate country and non-EU country, as well. The analysis is focused on the Goal 10 from the 2030 Agenda Sustainable Development, covers 2000–2017 and is based on the latest official data from Eurostat. The model used by the authors generated high statistical representativeness. The statistical tests demonstrate the model's homogeneity. A distinct part of the paper is focused on the risk analysis. The authors basically propose a distinct approach which is usefully for the central and regional decision makers. The statistical period took into consideration is good enough to support pertinent conclusions. The analysis leads to the conclusion that Romania can decrease the disparities regarding the sustainable development. On the other hand, the Romania's progress in achieving sustainable development's targets is lowest than the EU average. The model proposed in the paper supports the decision makers in achieving a more performant management regarding sustainable development goals. The paper represents a theoretical approach with great applicability to economic development.