1. Analysis of Economic Situation
2. THEORY

2. Areas of Study Traditional approach: Economy matters
economic growth
macroeconomic stability
Contemporary approach: Well-being matters
in the economy:
not only growth
not only national economy
not only economy

3. Welfare Economics & Human Development
Welfare economics: “capabilities” approach (Amartya Sen). Positive freedoms (Development as Freedom, 1998):
political freedoms
economic facilities
social opportunities
transparency guarantees
protective security
Human Development (UNDP). Pillars of human development (Human Development Report 2009):
equity 
sustainability 
productivity
empowerment
cooperation 
security

4. Sustainable Development
Definition: Sustainable development is the kind of development that meets the needs of the present without compromising the ability of future generations to meet their own needs. (World Commission on Environment and Development aka Brundtland Commission)
Pillars of the concept:
do not jeopardize the development of further generations
all the dimensions are linked together and mutually dependent

5. Dimensions of Sustainable Development
Source: The Future of Sustainability: Re-thinking Environment and Development in the Twenty-first Century, Report of the IUCN Renowned Thinkers Meeting, January 2006.