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Sustainable Development as the Concept of World Economy Development from Contemporary Macroeconomics Perspective

Author

Listed:
  • Zbigniew Dokurno
  • Bogusław Fiedor

Abstract

The paper focuses on the development of the global economy in the context of sustainable development as a key imperative of contemporary macroeconomics. The analysis is combined with a look at classic macroeconomic issues such as economic growth, inflation, unemployment, and the balance of payments in foreign trade. An added value of the paper is that it looks at the problem from the perspective of various schools of thought in contemporary macroeconomics. The authors seek to validate the hypothesis that sustainable development is a powerful paradigm for the development of modern economies and that various macroeconomic trends make it possible to adapt this paradigm to the needs of economies at different stages of development.

Suggested Citation

  • Zbigniew Dokurno & Bogusław Fiedor, 2016. "Sustainable Development as the Concept of World Economy Development from Contemporary Macroeconomics Perspective," Gospodarka Narodowa, Warsaw School of Economics, issue 2, pages 5-24.
  • Handle: RePEc:sgh:gosnar:y:2016:i:2:p:5-24
    as

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    File URL: http://gospodarkanarodowa.sgh.waw.pl/p/gospodarka_narodowa_2016_02_01.pdf
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    References listed on IDEAS

    as
    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. Plosser, Charles I, 1989. "Understanding Real Business Cycles," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 51-77, Summer.
    3. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 70(1), pages 65-94.
    4. Fabio Grazi & Jeroen Bergh & Piet Rietveld, 2007. "Spatial welfare economics versus ecological footprint: modeling agglomeration, externalities and trade," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 38(1), pages 135-153, September.
    5. Peter Howitt, 1988. "Business Cycles With Costly Search and Recruiting," The Quarterly Journal of Economics, Oxford University Press, vol. 103(1), pages 147-165.
    6. Phelps, Edmund, 2015. "Seven Schools of Macroeconomic Thought," OUP Catalogue, Oxford University Press, number 9780198743903.
    7. Jonathan Temple, 1999. "The New Growth Evidence," Journal of Economic Literature, American Economic Association, vol. 37(1), pages 112-156, March.
    8. Arthur J. Hosios, 1990. "On The Efficiency of Matching and Related Models of Search and Unemployment," Review of Economic Studies, Oxford University Press, vol. 57(2), pages 279-298.
    9. Lucas, Robert E, Jr & Rapping, Leonard A, 1969. "Real Wages, Employment, and Inflation," Journal of Political Economy, University of Chicago Press, vol. 77(5), pages 721-754, Sept./Oct.
    10. Paul M. Romer, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    sustainable economics; sustainable development; economic growth; unemployment; inflation; modern macroeconomics; institutional economics; neoclassical economics;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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