IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v13y2021i23p13415-d694532.html
   My bibliography  Save this article

Exploring the Convergence of Resilience Processes and Sustainable Outcomes in Post-COVID, Post-Glasgow Economies

Author

Listed:
  • Jesse M. Keenan

    (School of Architecture, Tulane University, New Orleans, LA 70118, USA
    Oxford Sustainable Finance Group, Smith School of Enterprise and the Environment, Oxford University, Oxford OX1 3QY, UK)

  • Benjamin D. Trump

    (U.S. Army Engineer Research and Development Center, Concord, MA 01742, USA
    School of Public Health, University of Michigan, Ann Arbor, MI 48109, USA)

  • William Hynes

    (Organisation for Economic Co-operation and Development (OECD), 75016 Paris, France)

  • Igor Linkov

    (U.S. Army Engineer Research and Development Center, Concord, MA 01742, USA
    College of Engineering, Carnegie Mellon University, Pittsburgh, PA 15213, USA)

Abstract

Resilience and sustainability have each offered a path forward for post-COVID economic recovery and a post-Glasgow global financial order. Yet, the relationships between these two concepts are largely unexplored in economic policy and investment strategies. In light of emerging systemic risks and global demands for more resolute investments in resilience and sustainability, this perspective article took the position that policymakers must begin to draw greater conceptual, empirical, and practical linkages between sustainability and resilience. This perspective article provided a simplified framework for understanding the positively reinforcing, negatively conflicting, and neutral relationships between different types of resilience and sustainability consistent with two propositions. The Reinforcement Proposition argues (i) that various resilience processes may drive sustainable outcomes, and/or (ii) that an allocation of sustainable resources may reinforce resilience processes, as well as the transformative adaptation of markets. Conversely, the Conflict Proposition argues (i) that certain resilience processes may perpetuate stability features that may thwart an economic transition toward sustainability, and/or (ii) that certain sustainability outcomes associated with reorganized economic structures and relationships may undermine resources for resilience. This framework provides policymakers with an opportunity to evaluate the convergent and conflicting trade-offs of resilience processes and sustainable outcomes.

Suggested Citation

  • Jesse M. Keenan & Benjamin D. Trump & William Hynes & Igor Linkov, 2021. "Exploring the Convergence of Resilience Processes and Sustainable Outcomes in Post-COVID, Post-Glasgow Economies," Sustainability, MDPI, vol. 13(23), pages 1-12, December.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:23:p:13415-:d:694532
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/13/23/13415/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/13/23/13415/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. repec:hal:spmain:info:hdl:2441/4h9cnu4n2k8tfri093jil1d739 is not listed on IDEAS
    2. Rezaee, Zabihollah, 2016. "Business sustainability research: A theoretical and integrated perspective," Journal of Accounting Literature, Elsevier, vol. 36(C), pages 48-64.
    3. Colgan, Jeff D. & Green, Jessica F. & Hale, Thomas N., 2021. "Asset Revaluation and the Existential Politics of Climate Change," International Organization, Cambridge University Press, vol. 75(2), pages 586-610, April.
    4. G Dosi & M C Pereira & A Roventini & M E Virgillito, 2018. "Causes and consequences of hysteresis: aggregate demand, productivity, and employment," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 27(6), pages 1015-1044.
    5. Iris Lucas & Michel Cotsaftis & Cyrille Bertelle, 2018. "Self-Organization, Resilience and Robustness of Complex Systems Through an Application to Financial Market from an Agent-Based Approach," Post-Print hal-02114928, HAL.
    6. Aven, Terje & Zio, Enrico, 2021. "Globalization and global risk: How risk analysis needs to be enhanced to be effective in confronting current threats," Reliability Engineering and System Safety, Elsevier, vol. 205(C).
    7. Lamperti, F. & Dosi, G. & Napoletano, M. & Roventini, A. & Sapio, A., 2020. "Climate change and green transitions in an agent-based integrated assessment model," Technological Forecasting and Social Change, Elsevier, vol. 153(C).
    8. Adam Rose & Shu‐Yi Liao, 2005. "Modeling Regional Economic Resilience to Disasters: A Computable General Equilibrium Analysis of Water Service Disruptions," Journal of Regional Science, Wiley Blackwell, vol. 45(1), pages 75-112, February.
    9. repec:hal:spmain:info:hdl:2441/hiaqa97n684boj041a440irqd is not listed on IDEAS
    10. Cars Hommes, 2021. "Behavioral and Experimental Macroeconomics and Policy Analysis: A Complex Systems Approach," Journal of Economic Literature, American Economic Association, vol. 59(1), pages 149-219, March.
    11. Zhou, Ziqiao & Zhang, Lin, 2021. "Destructive destruction or creative destruction? Unraveling the effects of tropical cyclones on economic growth," Economic Analysis and Policy, Elsevier, vol. 70(C), pages 380-393.
    12. Romain Svartzman & Patrick Bolton & Morgan Despres & Luiz Awazu Pereira Da Silva & Frédéric Samama, 2021. "Central banks, financial stability and policy coordination in the age of climate uncertainty: a three-layered analytical and operational framework," Climate Policy, Taylor & Francis Journals, vol. 21(4), pages 563-580, April.
    13. Edward B. Barbier, 2020. "Greening the Post-pandemic Recovery in the G20," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 76(4), pages 685-703, August.
    14. Karl Widerquist, 2018. "The Bottom Line," Exploring the Basic Income Guarantee, in: A Critical Analysis of Basic Income Experiments for Researchers, Policymakers, and Citizens, chapter 0, pages 93-98, Palgrave Macmillan.
    15. Anand, Kartik & Gai, Prasanna & Kapadia, Sujit & Brennan, Simon & Willison, Matthew, 2013. "A network model of financial system resilience," Journal of Economic Behavior & Organization, Elsevier, vol. 85(C), pages 219-235.
    16. Eric Specking & Bobby Cottam & Gregory Parnell & Edward Pohl & Matthew Cilli & Randy Buchanan & Zephan Wade & Colin Small, 2019. "Assessing Engineering Resilience for Systems with Multiple Performance Measures," Risk Analysis, John Wiley & Sons, vol. 39(9), pages 1899-1912, September.
    17. William Hynes & Benjamin D. Trump & Patrick Love & Alan Kirman & Stephanie E. Galaitsi & Gabriela Ramos & Igor Linkov, 2020. "Resilient Financial Systems Can Soften the Next Global Financial Crisis," Challenge, Taylor & Francis Journals, vol. 63(6), pages 311-318, November.
    18. Peter Klimek & Sebastian Poledna & Stefan Thurner, 2019. "Quantifying economic resilience from input–output susceptibility to improve predictions of economic growth and recovery," Nature Communications, Nature, vol. 10(1), pages 1-9, December.
    19. Xiaogang He & Kairui Feng & Xiaoyuan Li & Amy B. Craft & Yoshihide Wada & Peter Burek & Eric F. Wood & Justin Sheffield, 2019. "Solar and wind energy enhances drought resilience and groundwater sustainability," Nature Communications, Nature, vol. 10(1), pages 1-8, December.
    20. Ron Martin, 2012. "Regional economic resilience, hysteresis and recessionary shocks," Journal of Economic Geography, Oxford University Press, vol. 12(1), pages 1-32, January.
    21. Jason Hickel & Giorgos Kallis, 2020. "Is Green Growth Possible?," New Political Economy, Taylor & Francis Journals, vol. 25(4), pages 469-486, June.
    22. Edward B. Barbier, 2010. "Green Stimulus, Green Recovery and Global Imbalances," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 11(2), pages 149-177, April.
    23. Wei Xie & Adam Rose & Shantong Li & Jianwu He & Ning Li & Tariq Ali, 2018. "Dynamic Economic Resilience and Economic Recovery from Disasters: A Quantitative Assessment," Risk Analysis, John Wiley & Sons, vol. 38(6), pages 1306-1318, June.
    24. Brendan O'Dwyer & Jeffrey Unerman, 2020. "Shifting the focus of sustainability accounting from impacts to risks and dependencies: researching the transformative potential of TCFD reporting," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 33(5), pages 1113-1141, June.
    25. Nikolaos A. Skondras & Demetrios E. Tsesmelis & Constantina G. Vasilakou & Christos A. Karavitis, 2020. "Resilience–Vulnerability Analysis: A Decision-Making Framework for Systems Assessment," Sustainability, MDPI, vol. 12(22), pages 1-14, November.
    26. Philipp Krueger & Zacharias Sautner & Laura T Starks, 2020. "The Importance of Climate Risks for Institutional Investors," The Review of Financial Studies, Society for Financial Studies, vol. 33(3), pages 1067-1111.
    27. Seoyoung Yu & Donghyun Kim, 2021. "Changes in Regional Economic Resilience after the 2008 Global Economic Crisis: The Case of Korea," Sustainability, MDPI, vol. 13(20), pages 1-14, October.
    28. Demirguc-Kunt,Asli & Klapper,Leora & Singer,Dorothe, 2017. "Financial inclusion and inclusive growth : a review of recent empirical evidence," Policy Research Working Paper Series 8040, The World Bank.
    29. Peter Klimek & Sebastian Poledna & Stefan Thurner, 2019. "Economic resilience from input-output susceptibility improves predictions of economic growth and recovery," Papers 1903.03203, arXiv.org.
    30. Paolo Caro & Ugo Fratesi, 2018. "Regional determinants of economic resilience," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 60(2), pages 235-240, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Vito Imbrenda & Rosa Coluzzi & Valerio Di Stefano & Gianluca Egidi & Luca Salvati & Caterina Samela & Tiziana Simoniello & Maria Lanfredi, 2022. "Modeling Spatio-Temporal Divergence in Land Vulnerability to Desertification with Local Regressions," Sustainability, MDPI, vol. 14(17), pages 1-20, August.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wang, Xueli & Wang, Lei & Zhang, Xuerong & Fan, Fei, 2022. "The spatiotemporal evolution of COVID-19 in China and its impact on urban economic resilience," China Economic Review, Elsevier, vol. 74(C).
    2. Elias Giannakis & Theofanis P. Mamuneas, 2022. "Labour productivity and regional labour markets resilience in Europe," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 68(3), pages 691-712, June.
    3. Pengyang Zhang & Yanmei Huang & Sipei Pan & Wanxu Chen & Hui Zhong & Ning Xu & Mingxing Zhong, 2022. "Does Resilience Exist in China’s Tourism Economy? From the Perspectives of Resistance and Recoverability," Sustainability, MDPI, vol. 14(17), pages 1-21, August.
    4. Mitja Steinbacher & Matthias Raddant & Fariba Karimi & Eva Camacho Cuena & Simone Alfarano & Giulia Iori & Thomas Lux, 2021. "Advances in the agent-based modeling of economic and social behavior," SN Business & Economics, Springer, vol. 1(7), pages 1-24, July.
    5. Grant Allan & Gioele Figus & Peter G. McGregor & J. Kim Swales, 2021. "Resilience in a behavioural/Keynesian regional model," Environment and Planning A, , vol. 53(4), pages 858-876, June.
    6. Lamperti, Francesco & Bosetti, Valentina & Roventini, Andrea & Tavoni, Massimo & Treibich, Tania, 2021. "Three green financial policies to address climate risks," Journal of Financial Stability, Elsevier, vol. 54(C).
    7. Cahen-Fourot, Louison & Campiglio, Emanuele & Godin, Antoine & Kemp-Benedict, Eric & Trsek, Stefan, 2021. "Capital stranding cascades: The impact of decarbonisation on productive asset utilisation," Energy Economics, Elsevier, vol. 103(C).
    8. Li, Jiaman & Dong, Kangyin & Taghizadeh-Hesary, Farhad & Wang, Kun, 2022. "3G in China: How green economic growth and green finance promote green energy?," Renewable Energy, Elsevier, vol. 200(C), pages 1327-1337.
    9. Vitor Klein Schmidt & Aurora Carneiro Zen & Bernardo Fernandes Soares & Bruno Anicet Bittencourt, 2023. "Trajectory and cluster resilience elements: The case of the Brazilian wine cluster of the Serra Gaúcha," Growth and Change, Wiley Blackwell, vol. 54(2), pages 596-624, June.
    10. Linus Holtermann & Christian Hundt, 2018. "Hierarchically structured determinants and phase related patterns of economic resilience. An empirical case study for European regions," Working Papers on Innovation and Space 2018-02, Philipps University Marburg, Department of Geography.
    11. Matías Mayor & Raul Ramos, 2020. "Regions and Economic Resilience: New Perspectives," Sustainability, MDPI, vol. 12(11), pages 1-4, June.
    12. Filippo Di Pietro & Patrizio Lecca & Simone Salotti, 2021. "Regional economic resilience in the European Union: a numerical general equilibrium analysis," Spatial Economic Analysis, Taylor & Francis Journals, vol. 16(3), pages 287-312, July.
    13. Davide Antonioli & Alberto Marzucchi & Marco Modica, 2022. "Resilience, Performance and Strategies in Firms’ Reactions to the Direct and Indirect Effects of a Natural Disaster," Networks and Spatial Economics, Springer, vol. 22(3), pages 541-565, September.
    14. Soomi Lee & Shu Wang, 2023. "Impacts of political fragmentation on inclusive economic resilience: Examining American metropolitan areas after the Great Recession," Urban Studies, Urban Studies Journal Limited, vol. 60(1), pages 26-45, January.
    15. Ling Tan & Ji Guo & Selvarajah Mohanarajah & Kun Zhou, 2021. "Can we detect trends in natural disaster management with artificial intelligence? A review of modeling practices," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 107(3), pages 2389-2417, July.
    16. Bokyong Shin & Mikko Rask, 2021. "Assessment of Online Deliberative Quality: New Indicators Using Network Analysis and Time-Series Analysis," Sustainability, MDPI, vol. 13(3), pages 1-21, January.
    17. Xiaolong Xue & Liang Wang & Rebecca J. Yang, 2018. "Exploring the science of resilience: critical review and bibliometric analysis," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 90(1), pages 477-510, January.
    18. Sue Wing, Ian & Rose, Adam Z., 2020. "Economic consequence analysis of electric power infrastructure disruptions: General equilibrium approaches," Energy Economics, Elsevier, vol. 89(C).
    19. Damilola Giwa-Daramola & Harvey S. James, 2023. "COVID-19 and Microeconomic Resilience in Sub-Saharan Africa: A Study on Ethiopian and Nigerian Households," Sustainability, MDPI, vol. 15(9), pages 1-25, May.
    20. Alessia Arcidiacono & Gianpiero Torrisi, 2022. "Decentralisation and Resilience: A Multidimensional Approach," Sustainability, MDPI, vol. 14(16), pages 1-25, August.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:13:y:2021:i:23:p:13415-:d:694532. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.