Exploration of the Nexus between Economic Development and Environmental Sustainability from Theory to Practice: A Review
Anas K. T.
*
Department of Economics, Bharathidasan University, Tiruchirappall-620024, Tamil Nadu, India.
P. Natarajamurthy
Department of Economics, Bharathidasan University, Tiruchirappall-620024, Tamil Nadu, India.
*Author to whom correspondence should be addressed.
Abstract
The nexus between economic development and environmental sustainability is a critical aspect of global discourse. This paper provides a comprehensive review of the evolving relationship between these two concepts. It explores historical perspectives, examining how industrialization, globalization, and policy interventions have shaped this relationship over time. The paper discusses key theories, including neo-classical economics, ecological economics, and institutional economics, highlighting their contributions and limitations in addressing environmental challenges. Case studies from various countries illustrate successful strategies for balancing economic growth with environmental conservation. The analysis emphasizes the importance of understanding the complex interplay between economic and environmental factors to achieve sustainable development goals.
Keywords: Economic development, environmental sustainability, neo-classical economics, ecological economics, institutional economics