Why is the transition to a green economy important for achieving sustainability? A review of some theoretical approaches and empirical research presented in the literature

Lejla Terzić

Economic Thought journal, 2023, issue 3, 307-332

Abstract: The transition to a green economy and sustainability have recently emerged as crucial topics in modern economic theory. The green economy is a sustainable vision for prosperity and growth that can enhance quality of life and the whole economy while increasing ecological and social well-being. Promoting the creation and acceptance of sustainable technological innovation is essential to a green economy approach. The major goal of this article is to highlight the importance and factors of transitioning to a green economy for achieving sustainability by reviewing the findings of theoretical approaches (microeconomic and macroeconomic) and empirical research. This article also contributes by outlining the crucial macroeconomic challenges of a green economy transition in achieving sustainability and responding to environmental hazards. In order to clarify the numerous aspects of a green economy, this article provides a generic framework that embraces a number of thoughts, ideas, and concepts and investigates how they connect to sustainability. This paper also addresses some difficulties that decision-makers must adequately recognise to pursue sustainable and efficient transformation and recommends a few directions for future research.

JEL-codes: A1 I31 O30 Q5 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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