Applied Theory of Markets and Sustainable Growth – A Different Perspective
Applied Theory of Markets and Sustainable Growth – A Different Perspective

Author(s): Rasto Ovin, Nuša Lazar
Subject(s): National Economy, Business Economy / Management
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Political market; External effects of ignorant politics; Retaining of civilization standards
Summary/Abstract: The term “sustainable growth” the authors will apply to the social and partly economic field and not to ecology – natural environment, which is usually the case. The use of the term “applied theory of markets” derives from the fact that a new insight of markets functioning will be discussed – based on empirical facts and data if necessary. This paper will start from the Arrow-Debreu model (1954) and its interpretation as a theory by Radner (1970 in: Majumdar 1998). It will be argued that the absence of considering all possible markets although they proved to be functioning, brought unwanted consequences, which in some respect are threatening to turn the civilization clock back and are pushing contemporary priorities. From the view of the applied theory of markets, the sources of destructive national politics becoming reality in some countries will be discussed and possibly explained.

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