Human-Centred Economics: The Living Standards of Nations

This open-access book examines the chronic underperformance of economies with respect to inclusion, sustainability, and resilience. It argues that the standard liberal economic growth and development model has evolved in an unbalanced manner that underemphasizes the role of institutions in translating market-based growth into social welfare gains. To overcome this, the book integrates the principal institutional dimensions of the social contract into macroeconomic theory and presents corresponding reforms of domestic and international economic policy to refocus them on the median living standards of nations. Comparative data are presented to demonstrate that countries at every level of economic development have ample policy space to narrow their "welfare gaps."

Format: Hardback
Length: 356 pages
Publication date: 03 December 2023
Publisher: Springer International Publishing AG

This comprehensive open-access book delves into the persistent underperformance of economies in terms of inclusion, sustainability, and resilience. It reveals that the traditional liberal economic growth and development model has undergone a fundamental imbalance over the past century, undervaluing the critical role of institutions in translating market-based growth into broad and sustainable gains in social welfare at the household level. To rectify this imbalance, the book proposes a transformative shift in economic theory and policy, emphasizing the importance of markets, institutions, production, and distribution in achieving national income and household living standards.

By integrating the principal dimensions of the social contract into macroeconomic theory, the book offers extensive reforms of domestic and international economic policy to prioritize median living standards rather than solely focusing on aggregate wealth or GDP. This bottom-line measure of national economic performance relies on the strength of both markets of exchange and institutions in areas such as labor and social protection, financial and corporate governance, competition and rents, anti-corruption, infrastructure and basic necessities, environmental protection, education and skilling, among others.

The book provides extensive comparative data to demonstrate that countries at every level of economic development have the policy space to narrow their "welfare gaps," which represent the disparities in living conditions between different segments of society. By prioritizing inclusive growth, sustainable development, and resilience, the book aims to foster a more human-centered model of economic progress in the 21st century, ensuring that the benefits of economic progress are shared equitably and that societies are better equipped to face the challenges of the future.

Weight: 636g
Dimension: 156 x 220 x 29 (mm)
ISBN-13: 9783031374340
Edition number: 1st ed. 2024