A country's process of development as described by a cusp catastrophe model: the case of eastern European and Baltic countries

Vasilis Angelis, Athanasios Angelis-Dimakis, Katerina Dimaki

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

For a long of time a country's development has been synonymous with its economic growth and GDP per capita has been the main indicator expressing a country's prosperity. Over the last years, however, economies and societies have been undergoing dramatic changes. Globalization, international integration, technological innovation and mobility of capital have changed the picture and make it extremely difficult to predict the future of countries. Economic changes test the ability of all countries to compete and the gap between leading and lagging countries in terms of growth, income and employment may be widening. Social changes test the ability of states and governments to provide an appropriate social framework for their people. Environmental factors test the ability of national and local governments to manage resources in a sustainable manner and to maintain and improve the quality and safety of life. These changes have led to a modification of the targets of development and to the acceptance that the concept of development has to embody human well-being alongside with economic growth. Sustainable development refers to the ability of our societies to meet the needs of the present without sacrificing the ability of future generations to meet their own needs. Measuring sustainable development means going beyond a purely economic description of human activities; requires integration of economic, social and environmental concerns. In other words, sustainable development means ensuring economic efficiency while respecting social equity and safeguarding ecological integrity. New techniques are required in order to benchmark performance, highlight leaders and laggards on various aspects of development and facilitate efforts to identify best practices. New tools have to be designed so as to make sustainability decision-making more objective, systematic and rigorous. Many tools and methodologies have been used over the past years to measure the progress towards sustainability. The majority of those methodologies make use of a single indicator in order to measure separately the evolution of each component i.e. the economic, the social and the environmental. Our objective in the present paper is to (a) outline the process of a country's development taking into account all its three dimensions, economic, social and environmental; (b) present a model for quantifying its process of development encompassing all those dimensions; (c) apply the model to Eastern European and Baltic countries and (d) discuss the results.

LanguageEnglish
Title of host publicationEU Crisis and the Role of the Periphery
EditorsAnastasios Karasavvoglou, Serdar Ongan, Persefoni Polychronidou
Place of PublicationCham
PublisherSpringer International Publishing AG
Pages95-113
Number of pages19
Volume208
ISBN (Electronic)9783319101330
ISBN (Print)9783319101323
DOIs
Publication statusPublished - 15 Sep 2014
Externally publishedYes

Publication series

NameContributions to Economics
PublisherSpringer
ISSN (Print)1431-1933
ISSN (Electronic)2197-7178

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Catastrophe
Sustainable development
Methodology
Economics
Sustainability
Economic growth
Environmental concern
Economic change
Technological innovation
Best practice
Employment growth
Benchmark
Income growth
Globalization
Well-being
Acceptance
Prosperity
Local government
International integration
Government

Cite this

Angelis, V., Angelis-Dimakis, A., & Dimaki, K. (2014). A country's process of development as described by a cusp catastrophe model: the case of eastern European and Baltic countries. In A. Karasavvoglou, S. Ongan, & P. Polychronidou (Eds.), EU Crisis and the Role of the Periphery (Vol. 208, pp. 95-113). (Contributions to Economics). Cham: Springer International Publishing AG. https://doi.org/10.1007/978-3-319-10133-0_6
Angelis, Vasilis ; Angelis-Dimakis, Athanasios ; Dimaki, Katerina. / A country's process of development as described by a cusp catastrophe model : the case of eastern European and Baltic countries. EU Crisis and the Role of the Periphery. editor / Anastasios Karasavvoglou ; Serdar Ongan ; Persefoni Polychronidou. Vol. 208 Cham : Springer International Publishing AG, 2014. pp. 95-113 (Contributions to Economics).
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Angelis, V, Angelis-Dimakis, A & Dimaki, K 2014, A country's process of development as described by a cusp catastrophe model: the case of eastern European and Baltic countries. in A Karasavvoglou, S Ongan & P Polychronidou (eds), EU Crisis and the Role of the Periphery. vol. 208, Contributions to Economics, Springer International Publishing AG, Cham, pp. 95-113. https://doi.org/10.1007/978-3-319-10133-0_6

A country's process of development as described by a cusp catastrophe model : the case of eastern European and Baltic countries. / Angelis, Vasilis; Angelis-Dimakis, Athanasios; Dimaki, Katerina.

EU Crisis and the Role of the Periphery. ed. / Anastasios Karasavvoglou; Serdar Ongan; Persefoni Polychronidou. Vol. 208 Cham : Springer International Publishing AG, 2014. p. 95-113 (Contributions to Economics).

Research output: Chapter in Book/Report/Conference proceedingChapter

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Angelis V, Angelis-Dimakis A, Dimaki K. A country's process of development as described by a cusp catastrophe model: the case of eastern European and Baltic countries. In Karasavvoglou A, Ongan S, Polychronidou P, editors, EU Crisis and the Role of the Periphery. Vol. 208. Cham: Springer International Publishing AG. 2014. p. 95-113. (Contributions to Economics). https://doi.org/10.1007/978-3-319-10133-0_6