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    Human-Centred Economics

    The Living Standards of Nations

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    Author(s)
    Samans, Richard
    Language
    English
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    Abstract
    This open access book examines the chronic underperformance of economies with respect to inclusion, sustainability and resilience. It finds that the standard liberal economic growth and development model has evolved over the past century in a fundamentally unbalanced manner that underemphasizes the crucial role of institutions – legal norms, policy incentives and public administrative capacities – in translating market-based growth in the production of goods and services into broad and sustainable gains in social welfare at the household level. Correcting this imbalance of emphasis in economic theory and policy between markets and institutions, production and distribution, and national income and household living standards is the single most important step required to transcend 20th century trickle-down “neoliberalism” and replace it with a more human-centred model of economic progress in the 21st century. The book breaks new ground by integrating the principal institutional dimensions of the social contract into the heart of macroeconomic theory and presenting extensive corresponding reforms of domestic and international economic policy to refocus them on the median living standards, rather than primarily aggregate wealth or GDP, of nations. This is the bottom-line measure of national economic performance, and it depends on the strength of both markets of exchange and institutions in such areas as labour and social protection, financial and corporate governance, competition and rents, anti-corruption, infrastructure and basic necessities, environmental protection, education and skilling, etc. Extensive comparative data are presented demonstrating that countries at every level of economic development have ample policy space to narrow their “welfare gaps” – their underperformance on these and other key aspects of household living standards relative to the frontier of leading policy practice in peer countries.
    URI
    https://library.oapen.org/handle/20.500.12657/86107
    Keywords
    Social inclusion; Environmental sustainability; Economic resilience; Liberal economics; Inequality; Environmental crisis; Economics growth; Economic insecurity; Commodification of labor; Environmental exploitation; International economic governance
    DOI
    10.1007/978-3-031-37435-7
    ISBN
    9783031374357, 9783031374340, 9783031374357
    Publisher
    Springer Nature
    Publisher website
    https://www.springernature.com/gp/products/books
    Publication date and place
    Cham, 2024
    Grantor
    • International Labour Organization - [...]
    Imprint
    Palgrave Macmillan
    Classification
    Labour economics
    Environmental economics
    Economic theory & philosophy
    Pages
    356
    Rights
    http://creativecommons.org/licenses/by/4.0/
    • Imported or submitted locally

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    License

    • If not noted otherwise all contents are available under Attribution 4.0 International (CC BY 4.0)

    Credits

    • logo EU
    • This project received funding from the European Union's Horizon 2020 research and innovation programme under grant agreement No 683680, 810640, 871069 and 964352.

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