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: https://doi.org/10.31410/ERAZ.2021
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.
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