How would you describe inclusive growth? What does it mean? How can we achieve it?
Inclusive growth is a concept developed by economists Thomas Piketty and Joseph Stiglitz. In their book, The Price of Inequality, they argue that economic inequality has increased over time, and that this trend will continue unless governments take action. They suggest that countries should focus on reducing income inequality instead of increasing GDP per capita.
Inclusive growth means creating opportunities for everyone to participate in society and enjoy a high quality of life. This requires policies that promote equality and reduce poverty. It also means investing in people’s capabilities so that they may be able to contribute more fully to the economy.
The World Bank defines inclusive growth as “a process of development that enables all citizens to share equally in the benefits of sustained and broad-based prosperity.”
The United Nations Development Programme (UNDP) says that inclusive growth is achieved when everyone enjoys equal access to resources, education, health care, employment, housing, social protection, political participation, information, public services, transportation, energy, water, sanitation, food security, safe environments, and other basic needs.
The World Economic Forum says that inclusive growth is about ensuring that every person can live up to his or her potential.
The International Labour Organization (ILO) describes inclusive growth as a process where everyone can benefit from economic progress.
The Organisation for Economic Co-operation and Development (OECD), which includes most advanced economies, says that inclusive growth means achieving full employment and decent work for all.