Economics of Sustainable Development in the Theory of Scientific Revolutions by Thomas Kuhn

Arkadiusz Sadowski

Roczniki (Annals), 2021, vol. 2021, issue 3

Abstract: The aim of this article is to analyze selected aspects of the theory of sustainable development as a potentially new paradigm in economic theory. The paper presents the concept of the economics of sustainable development in the context of the theory of scientific revolutions developed by Thomas Khun. The study focuses on such issues as externalities and the functioning of the economy in the macrosystem, including society and the environment. Their inclusion in the economics of sustainable development has allowed the assessment of such fundamental aspects as the voluntary nature of transactions or the social effects of running a business from a different perspective. Based on conducted analyses and the review of the literature, it has been noted that the main assumptions of the economics of sustainable development constitute some sort of anomaly, and perhaps even a revolution in relation to classical economics (understood, in this study, as a general theoretical concept that proclaims the reliability of the market mechanism, as well as the convergence of individual interests of producers and consumers with collective interests). In the context of Khun’s concept, it has been pointed out that a possible future paradigm of economics will not constitute so much disapproval of the present one but will make it more comprehensive and will approach economic problems from a different perspective.

Keywords: Environmental; Economics; and; Policy (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:ags:paaero:324103

DOI: 10.22004/ag.econ.324103

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