Sustainable development: searching for a new economy

The current world economic model generates crisis social, economic and environmental phenomena, which leads to the overall instability of development. This makes necessary the transition to sustainable development that has become the paradigm of human development in the 21st century. In the context of traditional economic theory and practice, one can identify the following systemic problems: economic underestimation of the most important functions of natural capital and ecosystem services, as well as damages to public health due to environmental pollution; inability to internalize externalies, environmental damages and benefits in decision-making processes; and ignoring the time factor when analyzing long-term problems. The transition to the Anthropocene epoch, the process facilitated by the maximization civilization that has developed on the planet, is taking humanity further away from the formation of the noosphere and sustainable development. Critical contradictions of the existing model require radical economic changes in the theory and practice of numerous actors, including the ability to measure adequately development / progress and to shift the established economic model to the trajectory of sustainability. The world is undergoing a large-scale divestment process of redistributing investments between traditional sectors of the economy and environmentally sustainable ones. Recently, Russia, along with other countries, has been formulating its national directions of transition to sustainable development at the conceptual level.