How big is big enough? Toward a sustainable future by examining alternatives to the conventional economic growth paradigm

Az Open Access megjelenés a Budapesti Corvinus Egyetem támogatásával valósult meg. Open Access was implemented with the support of Corvinus University of Budapest.

Abstract

This study addresses how the sustainability crisis may be overcome by using alternatives to the conventional economic growth paradigm. Based on a literature review, the paper identifies and discusses three alternatives, namely negative, zero and positive economic growth. These alternatives are compared from a feasibility and policy perspective in relation to the transition toward sustainable development. The three alternatives are associated with very far‐reaching sets of policies that have different focal points with regard to how the paradigm shift from the conventional growth paradigm can be realized. All these alternatives, however, challenge the effectiveness of market forces. The shortcomings of the alternatives (resistance to voluntary transition with negative or zero growth, no proper consideration of the rebound effect for positive growth) hinder the transition and must be further addressed by policy‐makers in public and private sectors, as well as by civil society.