Human-Centred National Economic Policy: Institutionalizing Inclusion, Sustainability and Resilience in Domestic Economic Governance

Richard Samans ()

Chapter Chapter 5 in Human-Centred Economics, 2024, pp 131-234 from Springer

Abstract: Abstract This chapter elaborates on many of the domestic policies and institutional features that are most relevant to the task of strengthening an economy’s aggregate distribution function—its underlying ecosystem of legal and other norms, policy incentives and public administrative capacities that strongly influence the extent to which it grows in an inclusive, sustainable and resilient manner. Countries should devote at least as much policy attention and effort to strengthening the distribution function as production function of their economies by investing on an ongoing basis in policy incentives and institutional capacity relating to the five “factors of distribution” of household employment and entrepreneurial opportunity; disposable income; availability and affordability of material necessities; economic security; and environmental security. This is a structural way of improving the social quality as well as quantity of economic growth—that is to say, median household living standards as well as productive output or GDP. Extensive comparative data are presented in each of these policy domains demonstrating that nearly every country has a substantial social “welfare gap”—underperformance on one or more aspects of median household living standards relative to the frontier of outcomes and enabling policy practices in peer countries. Like output gaps, these can be narrowed by examining what works well in peer countries and how it can be adapted to national circumstances through policy innovation and investment.

Keywords: output gap; economic rents; corporate governance; financialization; value creation; financial stability; real economy investment; human capital; labour rights; social protection; cost of living; decent work; fiscal reference ranges (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-37435-7_5

Ordering information: This item can be ordered from
http://www.springer.com/9783031374357

DOI: 10.1007/978-3-031-37435-7_5

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().