Applied Theory of Markets and Sustainable Growth – A Different Perspective


Rasto Ovin – DOBA Business School, Prešernova ulica 1, 2000 Maribor, Slovenia
Nuša Lazar – Dekorina d.o.o., Glavni trg 17/b, 2000 Maribor, Slovenia


7th International Scientific ERAZ Conference – ERAZ 2021 – Conference Proceedings: KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT,  Online/virtual, May 27, 2021

ERAZ Conference Proceedings published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia

ERAZ conference partners: Faculty of Economics and Business, Mediterranean University, Montenegro; University of National and World Economy – Sofia, Bulgaria; Faculty of Commercial and Business Studies – Celje, Slovenia; AMBIS University, Prague – Czech Republic; Faculty of Applied Management, Economics and Finance – Belgrade, Serbia

ERAZ Conference 2021 Conference Proceedings: ISBN 978-86-80194-46-2, ISSN 2683-5568, DOI:

Political market;
External effects of ignorant
Retaining of civilization


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.

ERAZ Conference

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License ( which permits non-commercial use, reproduction and distribution of the work without further permission. 

ERAZ Conference Open Access


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