A theoretical basis for green growth
This paper proposes a theoretical model of green growth. The paper analyses the development mechanisms through which natural resource capital regenerates (or at least does not degrade), is preserved and contributes to economic growth. Climate change is a threat to human civilisation and countries need to save natural resources, which are a crucial form of productive capital in the economy, and also challenge economic development in the 21st century. One of the new development strategies proposed is green growth which leads towards sustainable development. This paper suggests policy inputs regarding the regeneration of natural resources and their preservation in terms of watershed development, flood control and development of ecosystem services through the creation of jobs through the channel of productive consumption. Policy–makers should focus on employability, regeneration and preservation of natural resource capital for sustaining livelihoods in the economy.
Keywords: green growth, climate change, social capital, productive consumption, reciprocity, flood control, watershed development, natural resource, human capital, inclusive growth, sustainable development, sustainability, economic growth, green economics, ecosystem services, employability