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Samans, R. (2024). Human-Centred National Economic Policy: Institutionalizing Inclusion, Sustainability and Resilience in Domestic Economic Governance. In: Human-Centred Economics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-37435-7_5
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.
Important details for the book Human-Centred Economics by Richard Samans
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Cite the book as follows: Samans, Richard. Human-Centred Economics: The Living Standards of Nations. Cham, Switzerland: Palgrave Macmillan, 2024. | © ILO: International Labour Organization 2024. | Open Access This book is licensed under the terms of the Creative Commons Attribution 4.0 International License. | This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland. | The responsibility for opinions expressed in this book rests solely with the author (Richard Samans), and its publication does not constitute an endorsement by the ILO or its constituents of the opinions expressed herein. |
Published: 03 December 2023 | Print ISBN 978-3-031-37434-0 | Online ISBN 978-3-031-37435-7
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