Title: A sustainable redistribution model based on economic-environmental equilibrium: a global business perspective
Authors: Ravikumar Gajbiye
Addresses: Jamnalal Bajaj Institute of Management Studies, University of Mumbai, 164, Backbay Reclamation, H.T. Parekh Marg, Churchgate, Mumbai, Maharashtra 400020, India
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.
Keywords: economic growth; sustainability; wealth distribution; equitable growth; economic-environmental equilibrium; UGDP; universal gross-domestic product; GNRP; gross natural resource product; WRM; wealth redistribution model.
International Journal of Innovation and Sustainable Development, 2018 Vol.12 No.4, pp.421 - 445
Received: 16 Jan 2016
Accepted: 23 Nov 2016
Published online: 17 May 2018 *