Answer to Question #204366 in History for Thobejane I

Question

Debate how theories of sustainable economic development differ from classic theories of economic development

Answer 1

There exists the difference between the theories of sustainable economic development and classic theories of economic development. The theories of sustainable economic development espouses an economic development that technically and scientifically sustains the social resources, hence economic state remains in an equilibrium for a certain time and space. The theories identify the sustainable growth path derived from either natural or human capital. The theories fail to give a qualitative change in economic development for a long period of time. That brings a distinction from classic theories of economic development which explains that, the economic growth occurs when capital is accumulated. Also, the theories explicates that economic growth results from reinvested profits gained from comparative advantage and division of labor.