Received:
2019-05-16 | Accepted:
2019-09-30 | Published:
2019-12-15
Title
Environmental investment: the most adequate neo-industrial response to the growth dilemma of the economy
Abstract
The article justifies the mission of environmental investment in the context of the neo-industrial paradigm of modern development. This approach considers socio-economic development in its organic connection with the environment (the green lifestyle). Environmental investment involves solving the complex growth dilemma of the economy by reducing the negative impacts of the latter on the environment and introducing positive social changes. The authors determined the role of this process in the neo-industrial aspect of economic growth. The goal of this research is to prove the hypothesis of the interinfluence between environmental investment and economic growth. The authors built a multi-factor regression model to analyze the data, which showed a statistically significant relationship between environmental investment and Russia’s GDP growth during 2000–2017. This led to the conclusion that the tightening of environmental policies in Russia is accompanied by not a decrease but an increase in the real GDP. On the basis of tree clustering and k-means clustering, the authors classified the regions of Russia and found that the high level of air pollution is not always accompanied by an increase in investment in environmental protection and three atypical clusters were identified. Moreover, the authors identified the main factors hindering environmental investment in the modern Russian economy, as well as determined the main conditions for its enhancement, which will increase the country’s potential for economic growth in the long run, considering its neo-industrial accumulation.
Keywords
growth dilemma, neo-industrial paradigm of modern development, environmental investment, green (circular) economy, neo-industrial type of economic growth
JEL classifications
F64
, O13
, O44
, P18
, P28
, P48
, Q51
, R11
URI
http://jssidoi.org/jesi/article/413
DOI
Pages
929-948
This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License
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