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Type of publication: Straipsnis Clarivate Analytics Web of Science ar/ir Scopus / Article in Clarivate Analytics Web of Science or / and Scopus (S1)
Field of Science: Ekologija ir aplinkotyra / Ecology and environmental sciences (N012)
Author(s): Juknys, Romualdas;Liobikienė, Genovaitė;Dagiliūtė, Renata
Title: Deceleration of economic growth - the main course seeking sustainability in developed countries
Is part of: Journal of cleaner production. Oxford : Elsevier Science, 2018, vol. 192
Extent: p. 1-8
Date: 2018
Note: eISSN 1879-1786
Keywords: Economic growth;Logistic growth law;Biocapacity exceedance;Economic crisis;Life satisfaction
Abstract: Deceleration of economic growth is a characteristic feature of developed countries. Percentage gross domestic product (GDP) growth rate in the old Organization for Economic Co-operation and Development (OECD) countries has decreased approximately 2e3 times over the last 50 years, and countries have managed successfully to adopt this trend. The largest reduction of GDP growth rate was observed in countries such as Japan where the biocapacity exceedance was the largest. In addition, the analysis of long-term changes of GDP and self-reported life satisfaction in developed countries supports Easterlin's paradox indicating that richer people do not feel more satisfied with their lives; however, people from countries with higher per capita GDP feel more satisfied. At the same time, a statistically insignificant correlation was detected between GDP growth rate and life satisfaction, supporting a conclusion that in the developed countries further economic growth does not increase people's well-being. This suggests that decelerating the rate of economic growth gradually approaching the zero growth (steady state) phase is the natural way towards sustainability and it does not contradict the well-being objective in developed countries, especially ones with high biocapacity exceedance
Affiliation(s): Aplinkotyros katedra
Gamtos mokslų fakultetas
Vytauto Didžiojo universitetas
Appears in Collections:Universiteto mokslo publikacijos / University Research Publications

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