Author: Lyudmila A. Mochalova, Dr. Sc. (Ec.), Assistant-Prof., Head of Economic Theory & Entrepreneurship Dept.

Abstract: The article investigates the reasons behind the modern civilization’s transition to the model of sustainable development. It emphasizes the importance of changing the present social-economic paradigm of development which mainly encourages consumption behaviour towards nature into a new paradigm based on progressive system of knowledge and human behaviour. The paper looks at the particularities of the economics of sustainable development which is intended to succeed the traditional economy.

Key words: sustainable development; social-economic paradigm; economics of sustainable development.