Modern Scientific Paradigm of Sustainable Economic Development

Abstract

Purpose: The work is aimed at resolving the contradiction of prerequisites for sustainable development, overcoming the ambiguity of the theoretical base and the multiplicity of interpretations of sustainable development, as well as the it is aimed at formation of the modern scientific paradigm of sustainable economic development. Design/methodology/approach: The authors systematized and classified fundamental approaches to the interpretation of the sustainable development of the economy, simulated the development of the economy from the perspective of various fundamental approaches to its sustainability (for the t period). An optimization approach has been formed, according to which both state regulation and market self-government together served as the reasons for the formation of the concept of sustainable development of the modern economy and where both have contributed to its institutionalization. The proposed approach acts as the theoretical and methodological basis of this research. Findings: The modern scientific paradigm of sustainable economic development has been formed, which simultaneously ensures compliance with all the identified criteria through the pyramid (hierarchical) interpretation of economic development, which is based on the environment and the fight against climate change; at the center is the social environment and at the top is economic growth. It also achieves multifactorial and flexible correlation of traditions and innovations presented in the form of weights, and it achieves mutual support of structural elements within the economic system. Originality/value: The modern scientific paradigm of the sustainable development of the economy is justified, which is based on the proposed fundamental optimization approach to the interpretation of the sustainability of the economy as a priority for its development. From the perspective of the optimization approach, the criteria for sustainable development, which provides an expanded interpretation of sustainable development, were systematized, which includes balance, stability, balance, flexibility and adaptability. The research contributes to the development of the concept of sustainable economic development by clarifying its fundamental principles.