Answer to Question #192527 in Philosophy for Adu Nyathi

Question

How theories of sustainable economic development differ from classical theories of economic development

Answer 1

Sustainable Economic Development theories involve a national initiative built on local economies' unique assets to address their individual challenges and provide quantifiable real-world benefits. It is a practical, implementable toolkit that tailors strategies to work for local people, businesses, and institutions while classical theories of economic development imply that every complex concept has a classical analysis, where a classical analysis of a concept is a proposition giving metaphysically necessary and jointly sufficient conditions for being in the extension across possible worlds for that concept. Sustainable economic development theories solve the current situation while classical theories of economic development base their work on past research such as Solow theory, Keynesian theory.