THE VARIOUS DIMENSIONS OF SUSTAINABILITY IN RELATION TO VALUE CREATION

RĂDOIU Alina, Lucian Blaga University of Sibiu

Abstract:
This paper aims to understand the relationship between sustainability and value creation by conducting a descriptive and conceptual research from a multidimensional approach, both at microeconomic and macroeconomic level. The research delves into the various characteristics, differences and similarities of the concepts of sustainability and sustainable development, in relation to value creation. The study also examines the different dimensions of sustainability that have evolved over time, such as weak sustainability, strong sustainability, circular economy, corporate social responsibility, and corporate sustainability, and how they relate to the change of economic theories. The research takes into account the current national and global situation, characterized by socio-economic inequalities, health crises, interstate conflicts, and climate change, and how the transition towards sustainability is becoming increasingly important to ensure the well-being of present and future societies. The research methodology includes analyzing specialized literature, including books, articles, and data provided by the European Commission, various institutions/organizations supported by the United Nations, and other relevant data sources. The research aims to answer the main research question of how microeconomics and macroeconomics can interact to achieve the transition towards sustainability and the subsequent creation of sustainable value. The results of this research based on the interdependence of sustainability-value creation are presented in the content of the work through numerous figures, which, through their own approach, aim to highlight the way to achieve the proposed objectives. In addition, the paper concludes that circular economy, as a component part of sustainable development, perhaps it is the most appropriate to the current trends of ensuring and maintaining the sustainability of economic processes, representing a vector in the creation of sustainable value, respecting and combining its own principles, alongside those of weak sustainability and corporate sustainability.

Keywords: sustainability, sustainable development, value creation, economic theories, circularity

JEL Classification: Q56, G32

Volume: 74, Issue: 3

Pages: 96 - 107

Publication date: October, 2022

DOI: 10.56043/reveco-2022-0029

Download the article: http://economice.ulbsibiu.ro/revista.economica/archive/74309radoiu.pdf

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