THEORETICAL AND PHILOSOPHICAL DISCOURSE ON SUSTAINABLE DEVELOPMENT AS AN ECONOMIC CATEGORY

The paper examines the multifaceted concept of sustainable development in the context of economic theory and philosophy. In addition to the introduction and findings, the paper is divided into three main parts: historical background, the scientific view of sustainable development, and sustainable development and economic growth. It examines the historical development of sustainable development as an economic category, its theoretical underpinnings and the philosophical discourse that shapes its interpretation and implementation. The paper highlights the tensions and synergies between economic growth and environmental protection by analysing different economic models and sustainability paradigms. This paper presents a critical analysis of the historical background, scientific view of sustainable development and its relationship with economic growth. It offers a nuanced understanding of sustainable development, providing insights into its role in shaping future economic policies and practices. The paper is based on a comprehensive review of literature and theoretical perspectives, and the process of creating it included the study of scientific and professional literature, the extraction of key topics, their mutual comparison, and the use of scientific methods such as induction, deduction, analysis and synthesis. The research yielded five principal findings. (1) The majority of models of sustainable development place the environmental aspect at the forefront. The authors believe that the economic and social dimensions of sustainable development are equally important in the context of new global threats. It is therefore evident that a transitional concept is required. (2) Among leading economists, there is a considerable range of views on the relationship between economic balance, growth and cyclicality, and sustainable development. A historical analysis corroborates the veracity of the dialectical approach to balance and development, thereby refuting the orthodoxy. (3) The free market model is unable to self-regulate as a result of rapid population growth and the worsening of environmental problems. Despite the high transformation rate of the market as an institution, social justice and environmental protection institutions are formed at an exceptionally slow rate in the free market. This model results in social stratification and the destruction of ecosystems. (4) For the sustainable development of society in the context of globalisation, it is necessary to implement systematic and proportional economic development mechanisms. (5) The concept of sustainable development requires clarification in modern conditions.