Sustainable Socio-economic Systems

Abstract

Purpose

The purpose of the chapter is to determine the essence of sustainable socio-economic systems through the prism of economic growth.

Methodology

The methods of econometric and regression analysis are used for determining the level of sustainability of development of economic systems in 2018 by comparing the values of the index of ecological effectiveness, calculated by the Yale Center for Environmental Law and Policy, and the index of socio-economic development, calculated by the Legatum Institute. Also, coefficients of variation, which reflect per cent deviation of GDP per capita in current prices on average for 2006–2022 are calculated. The studied indicator is GDP per capita in current prices (calculated by the International Monetary Fund). The research objects are leading developed countries and countries of BRICS.

Conclusions

It is determined that more sustainable socio-economic systems of developed countries show higher stability of economic growth during 2006–2018, and less sustainable socio-economic systems of developing countries develop in unstable way. However, the influence of sustainability on stability of economy is vivid.

Originality/values

The existing conceptual treatment of the essence of sustainable socio-economic systems is specified by substantiating that these systems develop not only harmoniously in the aspect of balance of social, economic, and ecological development but also in a stable way in the aspect of low volatility of GDP per capita in current prices. This treatment is interesting from the scientific and practical points of view for development and implementation of state policy in the sphere of managing sustainable development of economy.

Citation

Bogoviz, A.V., Lobova, S.V., Ragulina, J.V., Alekseev, A.N. and An, Y.A. (2019), "Sustainable Socio-economic Systems", Popkova, E.G. (Ed.) “Conflict-Free” Socio-Economic Systems, Emerald Publishing Limited, Leeds, pp. 209-217. https://doi.org/10.1108/978-1-78769-993-920191024