| Abstract |
Economic development is an inevitable fact of human life. This paper presents an analytical view of global economic development from three key perspectives: growth, sustainability and equilibrium. Natural resources being the building blocks of economic activity must be allotted significant importance in determining the wealth potential of a nation. Inadequacy of current measures of economic growth, and deviations from the real purpose of economic activity, necessitates evolving a novel economic indicator for quantifying 'real' growth. This paper presents various views on social and environmental impact assessment of economic growth. The research is formulated within the '6E framework of sustainability', wherein the main group elements are: 'Economic' and 'Environmental'. The proposed model is developed within the PESTEL framework in a global context. Finally, in order to propagate the ideology of 'sustainable and equitable' growth, a 'wealth redistribution model' based on economic-environmental equilibrium is proposed. |
