A MORE PROSPEROUS EUROPE: REVISITING THE CONCEPTS OF GROWTH, DEVELOPMENT AND PROSPERITY (International Conference “EUROPEAN PERSPECTIVE OF LABOR MARKET - INOVATION, EXPERTNESS, PERFORMANCE”)
Institute for Economic Forecasting Conference Proceedings from Institute for Economic Forecasting
Although discussions on the need to replace the view on economy based on Newtonian physics have been present for several decades, especially after the 1970s, the conditions in the European Union after 2008, as well as the long term global prospects have determined an increasing urgency for designing a new paradigm for a sustainable and humanely fulfilling economy.The interest for a new paradigm is not confined to European Union but the urgency may be higher in its case as a combination of structural and circumstantial factors require a sustainable solution sooner rather than later. The current official strategy, Europe 2020, has in view a new “growth model and creating the conditions for a smart, sustainable and inclusive growth”. But the five flagship initiatives of the strategy address important but partial dimensions of the socio-economic system. The strategy proposes some remedies but not a new paradigm. This paper aims to explore and capitalize on a number of new approaches that try to define growth, development and prosperity in a more realistic and operational manner. At the same time the author explores the consequences of rethinking growth and development and advocates a shift from quantitative to qualitative analysis. The conclusion is that reaching the goal of a more prosperous Europe requires some clarifications on what prosperity is and which is the relation of this new meaning of prosperity with the current global conditions that include the new technologies, the existing natural resources, the impact of waste on the environment and the human nature as manifested in the new geopolitical context.
Keywords: development and growth relationship; prosperity; sustainable development; European development paradigm (search for similar items in EconPapers)
JEL-codes: F59 F63 O4 O47 P17 (search for similar items in EconPapers)
Pages: 7 pages
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Persistent link: https://EconPapers.repec.org/RePEc:rjr:wpconf:141109
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