Green economy: the dilemma of social and private interests

Lyubov Klapkiv and Faruk Ülgen
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Lyubov Klapkiv: UMCS - Maria Curie-Sklodowska University

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Abstract: This article seeks to assess the conditions for building up an institutional environment that leads to a sustainable society and a viable economy. The green economy presents a dilemma between social and private interests as it involves striking a balance between social sustainability and the needs/aspirations of individuals and businesses. While the green economy aims to address environmental challenges and promote sustainable development, it can clash with private interests in terms of profits and economic performance priorities. On the one hand, the green economy recognizes the urgent need to switch to renewable energy sources, reduce carbon emissions, preserve natural resources, and promote sustainable practices. These goals are essential for mitigating climate change, protecting ecosystems, and ensuring a vital planet for future generations. They are primarily driven by social/collective interests and aim to benefit society as a whole by tackling environmental challenges. On the other, private interests often prioritize economic growth, profit, and individual wealth accumulation. Industries and businesses may resist the transition to green technologies and sustainable practices if they perceive them as costly or harmful to their bottom line. They may argue that stringent regulations could hamper their competitiveness or lead to unemployment. This article examines the dilemma between social and private interests in the green economy and argues that sustainable development can offer long-term economic opportunities while preserving the environment for future generations. The main goal is to seek solutions that benefit society and the economy in a way that is consistent with environmental, economic and social constraints.

Keywords: Green economy; institutions; social dilemmas; sustainability (search for similar items in EconPapers)
Date: 2024-01-05
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Published in ASSA 2024 Annual Meeting, Allied social science associations; American economic association; Association for Social Economics, Jan 2024, San Antonio, United States

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-04477386

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