Does the European Union Use the Proper Indicators to Reflect the Achievement of Sustainability?

Sustainability issues are a major concern of both private entities and public policies. This paper addresses the topic of indicators reflecting the achievement of sustainability at the business and country levels. Changes occur within companies and national economies as further technological developments are achieved in pursuit of sustainability. Nevertheless, the Gross Domestic Product is still mostly used when assessing economic growth within the European Union. The present study asks whether this indicator is still up to date or if some other indicators should be taken into account. More appropriate indicators reflecting sustainable economic growth exist, but they are not used on a large scale. The aim of this study is to determine why this is the case and to propose possible solutions for a more appropriate assessment of economic growth within the European Union, while considering aspects of sustainability. In this study, an exploratory, conceptual research design that combines a qualitative comparative analysis with a descriptive examination of indicators provided by Eurostat and the European Commission is adopted. The proposed mathematical model is conceptual and illustrative, and its coefficients are not econometrically estimated. Therefore, the study’s findings are presented as conceptual propositions supported by descriptive evidence rather than as empirically validated results. The international comparative perspective and interdisciplinary view, combining microeconomics, macroeconomics, social aspects, environmental aspects, legal aspects, and even cultural and psychological aspects, are novel elements of this study. Thus, this research may have a social impact beyond academia, emphasizing the role of sustainability in our society.