• Ivars Brīvers School of Business and Finance
Keywords: Crisis, Growth, Sustainability


The first decade of the XXI century clearly shows that the notion of the people concerning the values and goals in economy should be revised. As a result of global crisis economic theory may experience essential changes, as it was during the Great Depression in the XX century. The aim of the paper is to show the necessity of reconsidering the goals in economy. The hypothesis is that growth economy has become non-sustainable and it should be substituted by an economy of a different design – steady-state economy. The paper contains a review and analysis of various ideas about the problem, focusing mainly on the interpretation of the notion of sustainable development and the costs and benefits of economic growth; the way, how we measure things in economy and about the widespread illusions about the possibility of perpetual economic growth. The conclusion is that any growth, including economic growth is never sustainable.


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