Persistent poverty and economic decline continue to plague many regions worldwide, fueling significant social discontent. Limited development prospects and growing perceptions that certain areas have ‘no future’ have led to widespread dissatisfaction. This discontent has manifested through political populism with territorial rather than social foundations. The populist movement challenges existing economic well-being patterns in both less dynamic and more prosperous regions, necessitating improved place-sensitive territorial development policies.
Effective place-sensitive development strategies must avoid traditional approaches focused on welfare programs, income support, and large investment projects. Instead, they should concentrate on unlocking untapped potential and creating opportunities for residents in economically disadvantaged areas. These policies must recognize that economic dynamism increasingly depends on agglomeration economies while addressing the unique challenges faced by different regions.
The book ‘Doughnut Economics’ by Oxford academic Kate Raworth presents a radical rethinking of economic principles. Raworth identifies seven critical ways mainstream economics has led societies astray and proposes a new economic model suitable for the 21st century. This model suggests a ‘doughnut-shaped compass’ pointing toward human progress that meets everyone’s needs within the planet’s means. The book critiques traditional economic theories that have failed to predict financial crises and permitted extreme poverty to persist alongside growing wealth for the super-rich.
Raworth challenges conventional economic thinking by deconstructing the concept of ‘rational economic man’ and explaining what truly motivates human behavior. She reveals how an excessive focus on equilibrium has left economists unprepared for real-world economic fluctuations. The book also highlights the dangers of ignoring energy and natural resources’ role in economic growth and the far-reaching implications when these factors are properly considered.
In another significant work addressing income inequality, Professor Anthony Atkinson examines economic inequality from a fresh perspective using extensive historical data spanning over a century of modern societal evolution. The book explores fundamental questions about inequality: What does it mean? To what extent is it expanding today? Has history ever witnessed periods of declining inequality? How can economic theory explain inequality?
The second part of Atkinson’s work focuses on specific political and economic policies designed to reduce inequality. The final section assesses the feasibility of implementing these proposed policies, discussing their advantages and disadvantages. The Journal of Economic Sociology publishes the first chapter ‘Setting the Scene,’ which introduces readers to the concept of inequality and its extent. Atkinson demonstrates the term’s multiple meanings and argues that all questions concerning its main dimensions should be addressed before searching for its foundations.
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(PDF) La esperanza como centro de un nuevo paradigma para la política económica
Persistent poverty, economic decay, and lack of opportunities are at the root of considerable discontent in declining and lagging-behind areas the world over. Poor development prospects and an increasing belief that these places have ‘no future’ – as economic dynamism has been posited to be increasingly dependent on agglomeration economies – have led many of these so-called ‘places that don’t matter’ to revolt against the status quo. The revolt has come via an unexpected source: the ballot-box in a wave of political populism with strong territorial, rather than social foundations. I will argue that the populist wave is challenging the sources of existing well-being in both the less-dynamic and the more prosperous areas and that better, rather than more, place-sensitive territorial development policies are needed in order to find a solution to the problem. Place-sensitive development policies need, however, to stay clear of the welfare, income-support, and big investment projects of past development strategies if they are to be successful and focus on tapping into untapped potential and on providing opportunities to those people living in the places that ‘don’t matter’.
THE SUNDAY TIMES BESTSELLER ‘I see [Raworth] as the John Maynard Keynes of the 21st Century: by reframing the economy, she allows us to change our view of who we are, where we stand, and what we want to be. ‘ George Monbiot, Guardian ‘This is sharp, significant scholarship . . . Thrilling. ‘ Times Higher Education ‘[A] really important economic and political thinker. ‘ Andrew MarrEconomics is broken. It has failed to predict, let alone prevent, financial crises that have shaken the foundations of our societies. Its outdated theories have permitted a world in which extreme poverty persists while the wealth of the super-rich grows year on year. And its blind spots have led to policies that are degrading the living world on a scale that threatens all of our futures.Can it be fixed? In Doughnut Economics, Oxford academic Kate Raworth identifies seven critical ways in which mainstream economics has led us astray, and sets out a roadmap for bringing humanity into a sweet spot that meets the needs of all within the means of the planet. En route, she deconstructs the character of ‘rational economic man’ and explains what really makes us tick. She reveals how an obsession with equilibrium has left economists helpless when facing the boom and bust of the real-world economy. She highlights the dangers of ignoring the role of energy and nature’s resources – and the far-reaching implications for economic growth when we take them into account. And in the process, she creates a new, cutting-edge economic model that is fit for the 21st century – one in which a doughnut-shaped compass points the way to human progress.Ambitious, radical and rigorously argued, Doughnut Economics promises to reframe and redraw the future of economics for a new generation. ‘An innovative vision about how we could refocus away from growth to thriving. ‘ Daily Mail ‘Doughnut Economics shows how to ensure dignity and prosperity for all people. ‘ Huffington Post
In this book addressing how best to reduce contemporary large-scale income inequality, Prof. Atkinson considers economic inequality from a new perspective, drawing on extensive historical data covering more than a century of evolution in modern societies. In the first of the book ‘s three parts, the author explains his research motivation and poses the following questions. What does inequality mean? To what extent is it expanding today? Has history ever witnessed periods of declining inequality? How can economic theory explain inequality? The second part of the book is devoted to specific political and economic policies designed to reduce inequality. In the third part, the author assesses the extent to which the policies he proposes can be considered realistic, discussing the pros and cons of enacting and implementing them. The Journal of Economic Sociology publishes the first chapter “Setting the Scene,” which puts readers in the picture by discussing the notion of inequality and its extent. Demonstrating the term ‘s multiplicity of meanings, Atkinson argues that all questions concerning its main dimensions should be answered before searching for its foundations.