IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v16y2024i5p1839-d1344467.html
   My bibliography  Save this article

The Efficiency of Economic Growth for Sustainable Development—A Grey System Theory Approach in the Eurozone and Other European Countries

Author

Listed:
  • Marcin Nowak

    (Faculty of Engineering Management, Poznan University of Technology, 60-965 Poznan, Poland)

  • Małgorzata Kokocińska

    (Faculty of Economics and Management, University of Zielona Gora, 65-246 Zielona Gora, Poland)

Abstract

This article builds upon the authors’ previous work on the Synthetic Efficiency Indicator for Economic Growth (SEI-EG), demonstrating the process of transforming economic-growth-related inputs into sustainable development outcomes. This innovative application of the SEI-EG provides a fresh perspective on the effects of eurozone membership on the sustainability efficiency of EU countries, thereby enriching the discourse on economic integration and sustainability efforts within the European Union. By integrating the economic dynamics of the euro area with environmental efficiency metrics, this study offers novel insights into the potential influence of currency union membership on achieving sustainable development goals. Covering the entire European Union, categorized by euro area and non-euro area membership, this study navigates through the risks to sustainability posed by global crises and the ongoing debate over the euro’s integration success and setbacks. Conducted from 2019 to 2021 using grey system theory, this research incorporates a revised set of seven indicators in the domain of industry, innovation, and infrastructure as recommended by the Europe 2020 project. The findings confirm the initial hypothesis that countries outside the euro area tend to exhibit higher efficiency as measured by the SEI-EG indicator. This article is composed of five parts. The first two parts present characteristic features of economies in the euro area and non-euro area, along with a critical trend in the latest literature on the benefits and risks of economic integration. The subsequent sections introduce the methodology for determining the indicator and the authors’ own corrections to it as well as the results of the research and a discussion.

Suggested Citation

  • Marcin Nowak & Małgorzata Kokocińska, 2024. "The Efficiency of Economic Growth for Sustainable Development—A Grey System Theory Approach in the Eurozone and Other European Countries," Sustainability, MDPI, vol. 16(5), pages 1-17, February.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:5:p:1839-:d:1344467
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/16/5/1839/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/16/5/1839/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Guillaume Lafortune & Grayson Fuller & Guido Schmidt-Traub & Christian Kroll, 2020. "How Is Progress towards the Sustainable Development Goals Measured? Comparing Four Approaches for the EU," Sustainability, MDPI, vol. 12(18), pages 1-24, September.
    Full references (including those not matched with items on IDEAS)

    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. S. Vögele & K. Govorukha & P. Mayer & I. Rhoden & D. Rübbelke & W. Kuckshinrichs, 2023. "Effects of a coal phase-out in Europe on reaching the UN Sustainable Development Goals," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(1), pages 879-916, January.
    2. Joanna Wyrwa & Janina Jędrzejczak-Gas & Anetta Barska & Julia Wojciechowska-Solis, 2023. "Sustainable Energy Development and Sustainable Social Development in EU Countries," Energies, MDPI, vol. 16(18), pages 1-14, September.
    3. Carmen García-Peña & Moneyba González-Medina & Jose Manuel Diaz-Sarachaga, 2021. "Assessment of the Governance Dimension in the Frame of the 2030 Agenda: Evidence from 100 Spanish Cities," Sustainability, MDPI, vol. 13(10), pages 1-21, May.
    4. Phoebe Koundouri & Sylvia Schwaag Serger & Angelos Plataniotis, 2022. "Sustainability and Resilience through Transformative Innovation Policy, at National and Regional Level," DEOS Working Papers 2212, Athens University of Economics and Business.
    5. Mariia Kostetckaia & Markus Hametner, 2022. "How Sustainable Development Goals interlinkages influence European Union countries’ progress towards the 2030 Agenda," Sustainable Development, John Wiley & Sons, Ltd., vol. 30(5), pages 916-926, October.
    6. Elías Domingo‐Posada & Pilar L. González‐Torre & Marta M. Vidal‐Suárez, 2024. "Sustainable development goals and corporate strategy: A map of the field," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(4), pages 2733-2748, July.
    7. Teodor Marian Cojocaru & George H. Ionescu & Daniela Firoiu & Laura Mariana Cismaș & Maria Daniela Oțil & Ovidiu Toma, 2022. "Reducing Inequalities within and among EU Countries—Assessing the Achievement of the 2030 Agenda for Sustainable Development Targets (SDG 10)," Sustainability, MDPI, vol. 14(13), pages 1-22, June.
    8. Jean Philippe Décieux, 2021. "The Dialectic of Transnational Integration and National Disintegration as Challenge for Multilevel Governance," Social Sciences, MDPI, vol. 10(7), pages 1-11, July.
    9. Aneta Parsonsova & Ivo Machar, 2021. "National Limits of Sustainability: The Czech Republic’s CO 2 Emissions in the Perspective of Planetary Boundaries," Sustainability, MDPI, vol. 13(4), pages 1-16, February.
    10. Diah Chaerani & Adibah Shuib & Tomy Perdana & Athaya Zahrani Irmansyah, 2023. "Systematic Literature Review on Robust Optimization in Solving Sustainable Development Goals (SDGs) Problems during the COVID-19 Pandemic," Sustainability, MDPI, vol. 15(7), pages 1-18, March.
    11. Mayte Gómez Marcos & Marcelo Ruiz Toledo & Claudio Ruff Escobar, 2022. "Towards Inclusive Higher Education: A Multivariate Analysis of Social and Gender Inequalities," Societies, MDPI, vol. 12(6), pages 1-15, December.
    12. Emilia Miszewska & Maciej Niedostatkiewicz & Radosław Wiśniewski, 2023. "Sustainable Development of Water Housing Using the Example of Poland: An Analysis of Scenarios," Sustainability, MDPI, vol. 15(14), pages 1-16, July.
    13. Krzysztof Dmytrów & Beata Bieszk-Stolorz & Joanna Landmesser-Rusek, 2022. "Sustainable Energy in European Countries: Analysis of Sustainable Development Goal 7 Using the Dynamic Time Warping Method," Energies, MDPI, vol. 15(20), pages 1-17, October.
    14. Gema Parra & Luis Joaquin Garcia-Lopez & José A. Piqueras & Roberto García, 2022. "Identification of Farmers’ Barriers to Implement Sustainable Management Practices in Olive Groves," Sustainability, MDPI, vol. 14(11), pages 1-15, May.
    15. Matteo Trane & Luisa Marelli & Alice Siragusa & Riccardo Pollo & Patrizia Lombardi, 2023. "Progress by Research to Achieve the Sustainable Development Goals in the EU: A Systematic Literature Review," Sustainability, MDPI, vol. 15(9), pages 1-37, April.
    16. Ralph Sonntag & Gerard J. Lewis & Andrzej Raszkowski, 2022. "The Importance of Implementing SDGs by Small and Medium Size Enterprises: Evidence from Germany and Poland," Sustainability, MDPI, vol. 14(24), pages 1-14, December.
    17. Raffaele Sisto & Javier García López & Alberto Quintanilla & Álvaro de Juanes & Dalia Mendoza & Julio Lumbreras & Carlos Mataix, 2020. "Quantitative Analysis of the Impact of Public Policies on the Sustainable Development Goals through Budget Allocation and Indicators," Sustainability, MDPI, vol. 12(24), pages 1-15, December.
    18. Maria Inês Paes Ferreira & Graham Sakaki & Pamela Shaw & Thaís Nacif de Souza Riscado & Luis Felipe Umbelino, 2023. "Sustainable Water Management and the 2030 Agenda: Comparing Rain Forest Watersheds in Canada and Brazil by Applying an Innovative Sustainability Indicator System," Sustainability, MDPI, vol. 15(20), pages 1-15, October.
    19. Jose Manuel Diaz‐Sarachaga, 2021. "Monetizing impacts of Spanish companies toward the Sustainable Development Goals," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(4), pages 1313-1323, July.
    20. Anne Warchold & Prajal Pradhan & Pratibha Thapa & Muhammad Panji Islam Fajar Putra & Jürgen P. Kropp, 2022. "Building a unified sustainable development goal database: Why does sustainable development goal data selection matter?," Sustainable Development, John Wiley & Sons, Ltd., vol. 30(5), pages 1278-1293, October.

    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:16:y:2024:i:5:p:1839-:d:1344467. 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.