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The flawed paradigms of economics and sustainable development

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  • Richard Sanders

Abstract

This paper argues that the failure of the sustainable development paradigm is due to it being subsumed into the economic paradigm - a paradigm so disconnected from reality that it simply cannot address the sustainability problem. This arises from a failure to understand the fundamental contradiction between ecological imperatives and economic imperatives. An analysis of the financial system and its role in the problem leads to the conclusion it is the inevitable structural driver of ecological overshoot and increasing inequity. An examination of the origins of economic thought and the assumptions it is based on throws some light on the flawed theoretical foundations of economics. In light of these insights the final section considers how humanity might allocate the absolutely scarce resources of the planet so as to maximise the welfare of humanity while ensuring the very long term sustainability of the human enterprise.

Suggested Citation

  • Richard Sanders, 2016. "The flawed paradigms of economics and sustainable development," International Journal of Sustainable Development, Inderscience Enterprises Ltd, vol. 19(2), pages 110-126.
    • Handle: RePEc:ids:ijsusd:v:19:y:2016:i:2:p:110-126
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    Cited by:

    1. Nima Norouzi, 2022. "Learning Economy: a New Hope to Achieve a Sustainable Economic System," Circular Economy and Sustainability, Springer, vol. 2(2), pages 535-555, June.

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