Sustainable Development and Humanization of Economic Growth: Environmental and Social Well-Being

Abstract

To assess the impact of sustainable development on social well- being, it is necessary to emphasize its objective and subjective factors. The complex of objective factors of well-being of modern society, in all sectors of which highly productive production of tangible and intangible goods dominates, is organically connected with the innovative development of environmentally-friendly technologies, the international diffusion of innovations in the field of “green economy”. Accordingly, the objective factors of well-being in the system of sustainable development include, firstly, reproductive ones, such as the availability of new technologies of the “green economy” and the frequency of their replacement, the productivity of resource-saving industries, the inter-sectoral expansion of the replacement of non-renewable resources, and government support for environmental entrepreneurship. Secondly, here we include the prevailing mechanisms of factor distribution and redistribution of income – the formation of natural and intellectual rents, the pricing of natural resources and the return on investment in the production of the “green economy”. Finally, thirdly, the important objective factors of social well-being in the system of sustainable development are those institutional norms that determine both production and environmental processes in the national economy. The complex result of these processes development is the environmental well-being.