Inequality, economic development and social progress

Recently, inequality has been recognized as a multidimensional variable, no longer limited to the economic aspect; consequently, the analysis of this matter should be more comprehensive and should also include all non-quantitative dimensions; to achieve this aim successfully, it is necessary to adopt a new perspective for all the subjects involved in this issue. So, at a statistical level, in order to obtain a better definition of inequality, the GDP mechanism should no longer be considered the main benchmark for economic development and social progress, and the new statistical tools which clearly recognize the multidimensionality of that variable should be preferred. The same change of perspective should also be considered at a philosophical level, since a wider result about this issue can be achieved only shifting from the utilitarian philosophy to a more comprehensive theory, such as the Capability approach. Finally, inequality and socioeconomic development matters are necessarily correlated with the kind of socioeconomic framework chosen by the society; thus, we have also to investigate how equality and efficiency behave in the main paradigms which characterized the last two centuries, in order to identify the related advantages and disadvantages, and consequently make the appropriate adjustments. However, also in this field, by adopting a different point of view from the mainstream, it would be possible to move towards a completely new paradigm, able to valorize both efficiency and equality, thus allowing to overcome the Okun tradeoff to which all the main models (even if adjusted) are inevitably subjected.