Utility function and sustainable development - case study of malaysia
Rapid economic development of Malaysia and the constant transformation of the society bring into attention the
concept of sustainable development. While the concept is modern with the long-term implications, its understanding is based
on the social, cultural and religious dimension. With the changes imposed by the government and the top-down hierarchy
norms and values become the subject of change. Consequences of extensive use of abundant natural resources and
decreasing intergenerational responsibility question attitudes directed on maintaining current level of economic growth.
Keywords- Malaysia, sustainable development,utility function, institutions, culture, social capital
JEL Classification: O10, J17, P10, N35, D31, D23