The Idea of Sustainable and Permanent Development in the Context of Science and Business Practice

Borowiecki Ryszard, Siuta-Tokarska Barbara, Hys Katarzyna, Thier Agnieszka and Zmija Katarzyna

European Research Studies Journal, 2021, vol. XXIV, issue 1, 188-200

Abstract: Purpose: The objective of the paper is to present relationships between science and business practice in the process of achieving sustainable and permanent development. It identifies relationships between a concept, as presented in Plato’s thoughts, and Khun’s paradigm, which shapes the contemporary reflections on science. Design/Methodology/Approach: The adopted methodological concept aims to research the problem in its theoretical and practical context, i.e., the context of business practice. The publication employs research methods used in social sciences in the area of the analysis and criticism of written works, as well as logical analysis and construction along with logical inference based on the synthesis method. The empirical part of the work presents data and information covering the years 1970-2016, 2017 and 2019, as well as forecasts for 2021. Findings: The results of the conducted research indicate that the hitherto model of doing business on a global scale narrows down the impact of natural and social capital. The authors assume that the model of doing business in the period of transformation, aimed to achieve sustainable and permanent development, is very likely to be completely revaluated in terms of the functions performed by particular capital components. Practical Implications: The study of sustainable and permanent development in the context of business practice points to the disequilibrium between natural, social and economic capital reflected in the dominance of economic capital. Originality/value: The work makes a successful attempt at presenting a model approach to the development of global economy, giving consideration to natural, social and economic components of capital. This approach is presented in three time-bound frameworks: up to the present time, the period of transformation, and the target period – the balancing of capital components in compliance with the concept of sustainable and permanent development.

Keywords: Sustainable development; permanent development; science; business practice. (search for similar items in EconPapers)
JEL-codes: F40 I30 O10 Q01 Y50 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:ers:journl:v:xxiv:y:2021:i:1:p:188-200

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