Essence and Estimation of Economic System Sustainability

Alexey Karpovich () and Galina Litvintseva ()
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Alexey Karpovich: Novosibirsk State Technical University
Galina Litvintseva: Novosibirsk State Technical University

A chapter in Innovative Business Development—A Global Perspective, 2018, pp 99-110 from Springer

Abstract: 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.

Keywords: Economic sustainability; Adaptability; Production functions (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-030-01878-8_9

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DOI: 10.1007/978-3-030-01878-8_9

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