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Policymaking in the age of sustainable development

In: Global Economic Modeling A Volume in Honor of Lawrence R. Klein

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  • Sudip Ranjan Basu

Abstract

The growing development challenges and policy uncertainties over the past decades have transformed the global discourse from focusing on economic growth to developing an action-oriented framework that supports sustainable development. The present paper highlights that a multivariate latent variable methodology can be used to formulate development needs and policies and the requirements of institutions that would enhance the efficiency of long-term policy planning. It argues that by linking institutions and policies with development outcomes, policymakers can calibrate a set of strategies to strengthen policy coherence at multiple levels. The examples in the paper indicate that policymakers need to focus more on strategic interventions to achieve greater coherence in an integrated approach. Global economic modelling is essential to move forward with a Klein-type analysis to estimate interlinkages among the various dimensions of sustainable development for conducting policy analysis and simulation.

Suggested Citation

  • Sudip Ranjan Basu, 2018. "Policymaking in the age of sustainable development," World Scientific Book Chapters, in: Peter Pauly (ed.), Global Economic Modeling A Volume in Honor of Lawrence R. Klein, chapter 13, pages 289-313, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813220447_0013
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    Keywords

    Econometrics; Modeling; International Economics;
    All these keywords.

    JEL classification:

    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics

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