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Polarizing World: GDP, Development and Beyond

Author

Listed:
  • Michael Shashoua

    (PhD fellow at Rice University, USA)

  • Sudip Ranjan Basu

    (Macroeconomic Policy and Development Division, ESCAP)

Abstract

Long-term sustained growth increases the permanent income of the recipients - an income which would enable them to invest in enlarging their human capital and welfare. At the macro level, GDP growth generates more fiscal revenues, making the investment in the social sector and environment more viable in the long run. This approach brings the key role of public policymaking in welfare-enhancing mechanisms to the forefront. The ultimate development goal is to promote improvement of overall well-being measured by various aspects of welfare such as economic, social, and environmental. Under the auspices of the United Nations, leaders and policymakers are now engaged in the challenging task of renewing and reorienting a global development agenda that is visionary in nature and owned by all. One of the key elements of this new agenda will be to transform the societal approach to the environment and transmit the benefits of increasing GDP growth in raising general prosperity for all. The United Nations post-development agenda aims to adopt a wide-ranging and transformational new development paradigm in 2015. This new agenda is expected to prepare countries in steering development transformation and address increasing social and economic gaps to improve living standards.

Suggested Citation

  • Michael Shashoua & Sudip Ranjan Basu, 2015. "Polarizing World: GDP, Development and Beyond," MPDD Working Paper Series WP/15/13, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
    • Handle: RePEc:unt:wpmpdd:wp/15/13
    as

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    File URL: http://www.unescap.org/sites/default/files/publications/13-ESCAP-Polarizing%20world_July2015_share.pdf
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    References listed on IDEAS

    as
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    More about this item

    Keywords

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    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • H00 - Public Economics - - General - - - General
    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General

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