EXPLORING THE DETERMINANTS OF A SUSTAINABLE ECONOMY: KEY ECONOMIC, SOCIAL AND ENVIRONMENTAL FACTORS

Abstract [English]

Sustainable economy is a term that describe the economy which focuses on providing great amount of well-being with least amount of resources and reduce environmental damage and provide alternative solutions for the same. It is the reflection of transitional shift from traditional economic theory to new economic paradigm in order to improve society’s well-being. For the Following study systematic literature review was done by following the PRISMA guidelines. In-depth Literature review identified the new economic theories that help in achieving the goal of sustainable economy which are as follow - green economy, circular economy, innovation economy, green innovation, social economy, knowledge and environmental economics. The current study has explained the road map in achieving sustainable economy through these new economic paradigms that has been discussed. The economic implementation that embodies to attain long term economic growth without harming natural amenities and any negative externalities such as environmental distortion, market failure and social inequality. Green economy represents growth of sustainable development that contributes toward three main dimensions- social, economic and environmental aspects that leads to improve human well-being and equity within nation. The use of 3Rs (Reduce, Reuse and Recycle) practice is one of the best practices in both production and consumption level in order to maintain circular economy. Knowledge economy is a new paradigm includes high skilled and innovative minds that captures new technology for enhancing productivity and promote economic growth. Social economy plays a proactive role in order to maintain decent standard of living and provide environmental protection for society and community well-being while addressing socio-economic challenges to create sustainable and inclusive society. Environmental economics plays a proactive role in analysing and quantifying the environmental losses and suggest most efficient method to overcome such damage. Innovation economy come up with new knowledge, creativity and with intellectual activities that emphases entrepreneurship come up with new ideas, products and services.