Original article Agricultural and Natural Resource Economics • Environmental and Ecological Economics

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 - Associate Professor, Faculty of Economics in Brčko at the University of East Sarajevo, Bosnia and Herzegovina
Received: 10 Jul 2023
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Issue 3/2023
JEL O30 I31 Q5 A1
DOI https://doi.org/10.56497/etj2368303

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.

How to cite this article

Terzić, L. (2023). 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. Economic Thought Journal, 68(3), 307-332. https://doi.org/10.56497/etj2368303

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