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Essence and Estimation of Economic System Sustainability

In: Innovative Business Development—A Global Perspective

Author

Listed:
  • Alexey Karpovich

    (Novosibirsk State Technical University)

  • Galina Litvintseva

    (Novosibirsk State Technical University)

Abstract

The term “economic system sustainability” has not been given any common explanation yet and has various interpretations in the economic literature. The authors present their approach to the sustainability concept for complex economic systems and related terms. Types, qualities and factors underlining economic sustainability are analyzed. It is suggested that economic sustainability should be considered based on the production function theory and the elasticity theory. The proposed approach includes a development of an economic-mathematical model of an economic system, a model of elasticity, as well as a model of elasticity with possible reserves. In article the most applicable production functions are used, the corresponding elasticity functions without reserve and with a reserve are presented. The example of the elasticity functions for single-factor production function illustrating deficit of resources and possible surplus is shown. Elasticity models simulate and evaluate economic system adaptation. Some recommendations on their practical application are given. The proposed approach can be used to improve programs and projects on economic system development.

Suggested Citation

  • Alexey Karpovich & Galina Litvintseva, 2018. "Essence and Estimation of Economic System Sustainability," Springer Proceedings in Business and Economics, in: Ramona Orăștean & Claudia Ogrean & Silvia Cristina Mărginean (ed.), Innovative Business Development—A Global Perspective, pages 99-110, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-01878-8_9
    DOI: 10.1007/978-3-030-01878-8_9
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    Cited by:

    1. Petrov Sergey & Maslov Mikhail & Karelin Ilya, 2019. "Digital Component Of People'S Quality Of Life In Russia," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 14(2), pages 115-126, August.

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