Generating Prosperity for Working Families in Affluent Countries

2018 ◽  
Keyword(s):  
Economic Growth ◽  
Real Income ◽  
Living Standards ◽  
Financial Strain ◽  
Inclusive Growth ◽  
Working Families ◽  
The Rich ◽  
Rich Countries ◽  
Analysis Of Performance

This book addresses the central challenge facing rich countries: how to ensure that ordinary working families see their living standards and the prospects for their children improve rather than stagnate over time. It presents the findings from a comprehensive analysis of performance over recent decades across the rich countries of the OECD, in terms of real income growth around and below the middle. It relates this performance to overall economic growth, exploring why these often diverge substantially, and to the different models of capitalism or economic growth embedded in different countries. In-depth comparative and UK-focused analyses also focus on wages and the labour market and on the role of redistribution. Going beyond income, other indicators and aspects of living standards are also incorporated including non-monetary indicators of deprivation and financial strain, wealth and its distribution, and intergenerational mobility. By looking across this broad canvas, the book teases out how ordinary households have fared in recent decades in these critically important respects, and how that should inform the quest for inclusive growth and prosperity.

Introduction

2018 ◽  
Author(s):  
Brian Nolan
Keyword(s):  
Economic Growth ◽  
Living Standards ◽  
Inclusive Growth ◽  
Central Concern ◽  
Working Families ◽  
The Rich ◽  
Rich Countries

This chapter sets out the central challenge facing rich countries, on which this volume is focused: how to restore inclusive economic growth and prosperity. It describes how rising inequality in the rich countries over recent decades is now widely seen as undermining growth and even more so the living standards and prospects of ordinary working families. It reviews key themes in the debate about why inequality has been rising, and why this should be such a central concern. The chapter then outlines the approach taken in this book, which is to examine in depth the experiences of ten rich countries, posing the same set of questions about what has happened to inequality and ordinary living standards over recent decades, and why. The aim is to learn from these varying experiences, analysed through a common lens, about how inclusive growth can best be supported.

The Evolution of Living Standards for Middle and Lower Income Households in OECD Countries

2018 ◽  
Author(s):  
Brian Nolan ◽  
Stefan Thewissen
Keyword(s):  
Comparative Analysis ◽  
Income Distribution ◽  
Real Income ◽  
Living Standards ◽  
Entire Population ◽  
Income Growth ◽  
Lower Income ◽  
Working Age ◽  
The Rich ◽  
Rich Countries

This chapter carries out and presents the findings from an in-depth comparative analysis of real income growth around and below the middle of the income distribution across the rich countries of the OECD over recent decades. It examines trends in real incomes for the entire population and for working age households only, and sets the evolution of incomes around the middle in each country against what has been happening lower down and higher up the distribution. This allows the range of experiences across countries in these terms to be captured, providing the base which subsequent chapters seek to probe and get behind.

Inequality and Ordinary Living Standards in OECD Countries

2018 ◽  
Author(s):  
Brian Nolan ◽  
Stefan Thewissen
Keyword(s):  
Empirical Relationship ◽  
Real Income ◽  
Living Standards ◽  
Income Growth ◽  
Lower Income ◽  
Key Factors ◽  
Recent Commentary ◽  
The Rich ◽  
Rich Countries ◽  
Distribution Of Income

This chapter focuses on how the patterns of real income growth or stagnation seen in Chapter 2 are related to changes to inequality in the distribution of income, which has played such a prominent role in recent commentary and debate. It examines how income inequality has evolved over recent decades across the rich countries, both overall and in terms of the share going to the very top of the distribution, and highlights key factors in driving inequality upwards—albeit differentially across countries and time-periods. The ways in which rising inequality may undermine real income growth for middle and lower income households are discussed, and the empirical relationship between inequality and such real income growth over recent decades across the rich countries is analysed. Alongside real income growth or its absence, some other ways of looking at whether ‘the middle’ has been ‘squeezed’ in income terms are also explored.

scholarly journals Inequality and its discontents

2019 ◽  
Vol 35 (3) ◽  
pp. 396-430 ◽  
Author(s):  
Brian Nolan ◽  
Luis Valenzuela
Keyword(s):  
Economic Growth ◽  
Income Inequality ◽  
Technological Change ◽  
National Institutions ◽  
Social Domains ◽  
The Rich ◽  
Rich Countries ◽  
Distribution Of Income

Abstract Inequality in the distribution of income and wealth has come to the fore as a core concern across the industrialized world. Here we examine what has happened to income inequality across the rich countries in recent decades. We discuss the range of factors that appear to be driving inequality upwards, notably the role of technological change, globalization, and national institutions and policies. We look at how rising inequality might undermine economic growth and squeeze the middle, and assess the extent to which it has actually done so. We assess whether rising inequality is associated with worsening outcomes and inequalities across various social domains. Finally, we review emerging evidence on the role that rising inequality may be playing in the ‘revolt of the angry’ and rise of populism.

Inequality and Living Standards

2018 ◽  
Author(s):  
Michael Förster ◽  
Brian Nolan
Keyword(s):  
Income Inequality ◽  
Income Distribution ◽  
Real Income ◽  
Comparative Data ◽  
Living Standards ◽  
Income Growth ◽  
The Rich ◽  
Rich Countries

This chapter provides an overview of how inequality and living standards have evolved across the rich countries of the OECD in recent decades, of the factors driving income inequality upwards in many of them, and of the channels through which this may undermine real income growth and opportunity for households across the middle and lower parts of the income distribution. It presents an overview of key trends drawing on comparative data from the OECD’s Income Distribution Database. It reviews existing evidence on the drivers of income inequality and on how inequality may affect income growth around the middle. It highlights key gaps in knowledge, to be addressed by the in-depth examination of the varying experiences of a range of rich countries in this book.

scholarly journals Role of Banks in Ensuring a Sustainable and Inclusive Growth

2017 ◽  
Vol 6 (3) ◽  
pp. 509
Author(s):  
Saurabh Agarwal
Keyword(s):  
Economic Growth ◽  
Financial Services ◽  
Banking Industry ◽  
Essential Element ◽  
Financial Inclusion ◽  
Market Size ◽  
Inclusive Growth ◽  
Policy Makers ◽  
The People

<div><p><em>Economic growth in India has to be inclusive in order to make it sustainable. Inclusiveness is an essential element in a democracy. If policies that bring about economic growth do not benefit the people in a wide and inclusive manner, they will not be sustainable. Equally, inclusive growth is essential to grow the market size, which alone will sustain growth momentum. Inclusive growth is the only just and equitable way that any society can grow. Financial Inclusion rests on three pillars viz. access to <strong>financial services, affordability of such services and actual utilization of such services.</strong> Financial Inclusion can be achieved only if all the three pillars show affirmative results. It may prove to be very useful for the banking Industry and the overall Indian economy. It will be useful for policy makers, academicians and researchers in the field.</em></p></div>

Resource–Economic Growth Nexus, Role of Governance, Financial Development, Globalisation and War: Dynamic Approach

2019 ◽  
Author(s):  
Sorush Niknamian
Keyword(s):  
Economic Growth ◽  
Time Series ◽  
Financial Development ◽  
Time Series Data ◽  
Good Governance ◽  
Series Data ◽  
Negative Effect ◽  
The Government ◽  
Rich Countries

This study reassesses the resource&ndash;economic growth nexus by incorporating several channels. Advanced panel time series techniques are used to analyse panel time series data from 1980 to 2015 in 31 oil-rich countries. Results show that oil rent augments economic growth; thus, oil rent is conducive rather than impediment for economic growth. The role of governance in economic growth is significant in the selected countries. Oil rent exerts a positive significant impact on economic growth in countries with good governance compare to countries with poor governance. Financial development is an unimportant channel in the resource&ndash;growth nexus because FD is often unable to mobilise oil rent from the government to the private sector in oil-rich countries. Globalisation is advantageous for countries and promote economic growth. Moreover, war exerts a significant negative effect on growth in the long term.

scholarly journals The structuralist revenge: economic complexity as an important dimension to evaluate growth and development

2018 ◽  
Vol 38 (2) ◽  
pp. 219-236 ◽  
Author(s):  
PAULO GALA ◽  
IGOR ROCHA ◽  
GUILHERME MAGACHO
Keyword(s):  
Economic Growth ◽  
Growth And Development ◽  
Developed Countries ◽  
Econometric Analysis ◽  
Income Gap ◽  
Economic Complexity ◽  
Convergence And Divergence ◽  
Using Data ◽  
Rich Countries

ABSTRACT This paper brings elements from the economic complexity literature to the discussions of the structuralist tradition on the central role of manufacturing and productive sophistication to economic growth. Using data provided by the Atlas of Economic Complexity this study sought to verify if countries’ complexity is important to explain convergence and divergence among poor and rich countries and, if so, which are the countries that will be able to reduce the income gap compared to developed countries. The econometric analysis revealed that exports and production complexity is significant to explain convergence and divergence among countries.

scholarly journals MENANAMKAN NILAI-NILAI ENTREPRENEURSHIP MELALUI PENDIDIKAN EKONOMI PADA ERA MASYARAKAT EKONOMI ASEAN

2015 ◽  
Vol 11 (1) ◽  
pp. 16
Author(s):  
Waspodo Tjipto Subroto
Keyword(s):  
Economic Growth ◽  
Young People ◽  
Dominant Role ◽  
Economic Education ◽  
Living Standards ◽  
Economic Community ◽  
Economic Activities ◽  
Entrepreneurial Spirit ◽  
Asean Economic Community

Abstrak: Menanamkan Nilai-Nilai Entrepreneurship Melalui Pendidikan Ekonomi pada Era Masyarakat Ekonomi ASEAN. Entrepreneurship memegang peranan yang dominan dalam menggerakkan roda perekonomian baik dalam skala lokal, regional maupun global. Para entrepreneur yang dinamis dan berkomitmen untuk sukses, terbukti mempengaruhi pertumbuhan ekonomi dan kesejahteraan. Entrepreneur yang memiliki semangat kepemimpinan dan jiwa entrepreneur ini akan memimpin revolusi ekonomi menuju peningkatan standar hidup yang lebih layak. Di tengah-tengah liberalisasi Masyarakat Ekonomi ASEAN, nilai-nilai entrepreneurship, seperti kreativitas, inovatif, risiko moderat, ulet dan bertanggungjawab, optimistis, perlu selalu ditanamkan pada generasi muda, terutama melalui Pendidikan Ekonomi, sehingga jiwa dan semangat generasi muda dapat lebih kompetitif dalam menghadapi persaingan di era Masyarakat Ekonomi ASEAN. Peran Pendidikan Ekonomi sangat diperlukan untuk menyiapkan semangat generasi muda agar menjadi pelaku aktif dan partisipatoris dalam revolusi ekonomi menuju perubahan yang positif dan abadi.  Kata kunci: Entrepreneurship. Nilai dan sikap, Pendidikan Ekonomi.Abstract: Instilling Entrepreneurship Values through Economic Education in the Era of the ASEAN Economic Community. Entrepreneurship has a dominant role to push economic activities at any level -- locally, regionally as well as globally. The dynamic entrepreneurs affect the economic growth and prosperity. Entrepreneurs who have a spirit of leadership and entrepreneurial spirit will lead the economic revolution to raise living standards. Under AEC the values of entrepreneurship, such as creative, innovative, tough, responsible, and optimistic, should always be instilled to the younger generation, especially through Economic Education. The Role of Economic Education is needed to prepare the young people to actively participate to positive economy activities. Keywords: Entrepreneurship, Value, Economic Education

scholarly journals Resource–Economic Growth Nexus, Role of Governance, Financial Development, Globalisation and War: Dynamic Approach

2019 ◽  
Author(s):  
Sorush Niknamian
Keyword(s):  
Economic Growth ◽  
Time Series ◽  
Financial Development ◽  
Time Series Data ◽  
Good Governance ◽  
Series Data ◽  
Negative Effect ◽  
The Government ◽  
Rich Countries

This study reassesses the resource–economic growth nexus by incorporating several channels. Advanced panel time series techniques are used to analyse panel time series data from 1980 to 2015 in 31 oil-rich countries. Results show that oil rent augments economic growth; thus, oil rent is conducive rather than impediment for economic growth. The role of governance in economic growth is significant in the selected countries. Oil rent exerts a positive significant impact on economic growth in countries with good governance compare to countries with poor governance. Financial development is an unimportant channel in the resource–growth nexus because FD is often unable to mobilise oil rent from the government to the private sector in oil-rich countries. Globalisation is advantageous for countries and promote economic growth. Moreover, war exerts a significant negative effect on growth in the long term.

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