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All on Board, Making Inclusive Growth Happen

OECD (2014) All on Board, Making Inclusive Growth Happen, OECD Inclusive Growth Initiative with support from the Ford Foundation, Μάιος.

 

Inclusive Growth, which is a new approach to economic growth that aims to improve living standards and share the benefits of increased prosperity more evenly across social groups, has become a major challenge for many countries around the world. This objective is particularly relevant in high income countries and emerging market economies, where income inequality has reached levels unprecedented in the post-war period. Inequalities in other non-income outcomes, including educational attainment, health conditions and employment opportunities, have become important determinants of growth and well-being. Inequality of income and opportunity undermines growth prospects in the long term. Addressing the multidimensional nature of inequality and its impacts on different segments of the population matters for sustainable economic growth. Therefore, fostering Inclusive Growth is an important part of a pro-growth agenda.

Economic growth is not an end in itself; addressing the multidimensional nature of inequalities and their impacts on different population groups matters for Inclusive Growth

Conventionally, pro-growth policy analysis and advice have focused on options for improving the population’s income and consumption possibilities. Economic growth – rising per capita output of material goods and services – has the potential to make all citizens better off materially, and to generate resources that can be used to achieve social goals and ensure that growth is maintained over the long term. Policymakers seek to improve the performance and long-term growth potential of economies, taking into account country-specific needs and circumstances, including their level of development and institutional capacities. Because progress is measured essentially at the level of an “average” individual, emphasis is placed on supply-side instruments, or policy actions that lead to increases in per capita output of goods and services over the longer term.

 

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