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Why is the transition to a green economy important for achieving sustainability? A review of some theoretical approaches and empirical research presented in the literature

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  • Lejla Terzić

Abstract

The transition to a green economy and sustainability have recently emerged as crucial topics in modern economic theory. The green economy is a sustainable vision for prosperity and growth that can enhance quality of life and the whole economy while increasing ecological and social well-being. Promoting the creation and acceptance of sustainable technological innovation is essential to a green economy approach. The major goal of this article is to highlight the importance and factors of transitioning to a green economy for achieving sustainability by reviewing the findings of theoretical approaches (microeconomic and macroeconomic) and empirical research. This article also contributes by outlining the crucial macroeconomic challenges of a green economy transition in achieving sustainability and responding to environmental hazards. In order to clarify the numerous aspects of a green economy, this article provides a generic framework that embraces a number of thoughts, ideas, and concepts and investigates how they connect to sustainability. This paper also addresses some difficulties that decision-makers must adequately recognise to pursue sustainable and efficient transformation and recommends a few directions for future research.

Suggested Citation

  • Lejla Terzić, 2023. "Why is the transition to a green economy important for achieving sustainability? A review of some theoretical approaches and empirical research presented in the literature," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 307-332.
  • Handle: RePEc:bas:econth:y:2023:i:3:p:307-332
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    Cited by:

    1. Lejla Terzić, 2023. "Innovation and Transition Performance as Drivers of Economic Growth and Prosperity: The Case of the EU," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 621-641.

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    More about this item

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics

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