Redefining Global Economic Thinking for the Welfare of Society

The richest one percent of the world now owns more than half of the global wealth, which is unequally distributed and drives an unhealthy and unhappy globe. Global economic thinking must be redefined to encourage inclusive development and better problem-solving.

Format: Hardback
Length: 330 pages
Publication date: 13 December 2021
Publisher: IGI Global

The richest one percent of the world's population now holds more than half of the global wealth, a stark reflection of the unequal distribution of resources across the globe. Global wealth is not distributed evenly, with gross domestic product (GDP) and consumption trends declining, while poverty continues to rise. This imbalance creates a world where each individual's gain or loss of utility is perfectly balanced by the losses or gains of the utility of others, leading to an unhealthy and unsatisfying global environment.

To address this issue, global economic thinking must be reimagined and revamped. It is essential to encourage inclusive development and better problem-solving approaches that prioritize the well-being of society as a whole. This requires a shift from narrow, self-serving economic theories to ones that prioritize social equity, environmental sustainability, and human well-being.

One key area for transformation is the concept of economic development. Traditional economic growth models often prioritize short-term gains and ignore the long-term consequences on the environment and society. However, a more sustainable and inclusive approach to development is needed, one that balances economic growth with environmental protection and social welfare.

Another important area to address is the circular economy. The current linear economic model, which relies on the constant extraction and consumption of resources, is unsustainable and contributes to environmental degradation. A circular economy, on the other hand, aims to reduce waste, conserve resources, and promote renewable energy sources. This approach not only benefits the environment but also creates economic opportunities and promotes social equity.

Population health is another critical aspect of global economic thinking. The growing population and changing demographics present both challenges and opportunities. On the one hand, a larger population can drive economic growth and innovation. On the other hand, it can also strain resources, lead to environmental degradation, and exacerbate social inequalities. Therefore, policies and strategies must be in place to promote healthy populations, including access to healthcare, education, and social protection.

In conclusion, the richest one percent of the world's population now owns more than half of the global wealth, a stark reflection of the unequal distribution of resources across the globe. Global economic thinking must be redefined to encourage inclusive development and better problem-solving approaches that prioritize the well-being of society as a whole. This requires a shift from narrow, self-serving economic theories to ones that prioritize social equity, environmental sustainability, and human well-being. By adopting a more sustainable and inclusive approach to economic development, the circular economy, and population health, we can create a world that is more equitable, prosperous, and sustainable for all.

Weight: 633g
Dimension: 279 x 216 (mm)
ISBN-13: 9781799882589