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Abstract
Rapid economic growth is a relatively recent phenomenon, which has been examined since the end of the 18th century. In the scientific literature researchers use the concept of "economic growth" and "economic development" when analyzing economic processes. "Economic growth", as defined by Paul M. Romer occurs whenever people use resources and rearrange them in more valuable ways. Thus, economic growth means an increase in a real national income /national output. In contrast, economic development is an improvement of the quality of life and living standards, e.g. improvement of literacy, life expectancy, and approach to environmental issues. Economic development encircles a wider range of metrics than just gross Domestic Product (GDP) per capita, it is about actual standard of living, level of environmental standards, availability and quality of housing and other aspects. The article analyzes, compares and evaluates theories of economic growth and economic development in the context of sustainable development.
Keywords: economic development, economic growth, sustainability
1.INTRODUCTION
People's needs have changed over the centuries, from the basic need for food and shelter to the need for self-affirmation and recognition. With the rapid development of industry in the 17th and 19th centuries, there was also the opportunity to provide ever-increasing levels of comfort to solvent consumers. There was a demand to provide such living conditions that would be possible regardless of the environment - the so-called external factors or risks. These external conditions have long been seen as a major obstacle to the physical existence and development of a society that can be considered safe and lasting. However, in the first half of the 20th century, it became clear that the main problem was the consequences of man's own actions, i.e. risks - wars, uneven economic development at the expense of other countries and nations, limited natural resources, ecological problems. This change in public perception should be seen as the moment when it began to develop the concept of sustainable development. Sustainability, as a generally accepted and recognizable concept, has existed since 1955, when the Russell-Einstein Manifesto (Butcher, 2005) spoke of an attitude that could ensure political responsibility for future generations or guarantee future generations a chance to exist at all. The idea of sustainability came to the public's attention following the 1972 report...