Chuchupal4 . Economic Growth and Sustainable Development: Paradoxes of Modern Economics

The concept of human development as the main goal of the economy views economic dynamics through the prism of improving the quality of life and well-being of people. Gross Domestic Product (GDP), often seen as a key indicator of economic growth, plays a limited role in this concept, being one of many factors that contribute to improving people's quality of life, opportunities and equality. Economic growth, as reflected by GDP, can destroy ecosystems, increase social injustice and worsen labour conditions. Thus, the goal of economic activity should be to improve the well-being of the population, not to increase profits or accumulate wealth for the sake of wealth. The basis of productive forces is labor power, which enables the means of production. Due to the applied labor, it is possible to develop society and create the whole variety of goods. The motive of economic activity, which ensures the restoration of the ability to work and its improvement, is hidden in the purpose of the economy to serve for the benefit of human, and not vice versa. Given the current trends of striving to improve the quantitative indicators of economic activity, economic giants forget that the quality of life is more important than GDP growth, and the level of economic development should be measured by such factors as the availability of educational and medical services, equal opportunities, spiritual, cultural and physical improvement, and environmental stability. The idea of the concept of human development puts human needs, opportunities and rights at the center of economic policies and national strategies. In our study based on dialectical and systemic approaches we have identified and analyzed a number of paradoxes that allow us to assess the necessity of an endless race for the dynamics of economic growth.