A survey of inclusive growth policy

Heshmati, Almas, Kim, Jungsuk, and Wood, Jacob (2019) A survey of inclusive growth policy. Economies, 7. 65.

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Abstract

Background: Since the latter part of the 20th Century, countries have been particularly challenged by the trade-off that exists between delivering generous welfare provisions and strong economic growth. Such dynamics have stimulated a need to better understand the causes of income inequality so as to better formulate policies that foster inclusive growth and reduce growing concerns surrounding income inequality.

Method: Given its ability to succinctly summarize, analyze, and synthesize an extant body of literature from a certain genre of scholastic endeavor, this study utilizes a literature review as its proposed methodological approach.

Results: From our assessment of the literature, we identified four key areas that contribute significantly to income inequality in both advanced and developing economies, these include: (i) pursuing skill-biased technological change; (ii) enhancing education systems; (iii) consolidation of globalization; and (iv) reform of the labor market and its relevant institutions.

Conclusion: There is no silver bullet to achieving inclusive growth. Any policy manifesto must seek to offer a coordinated policy platform that looks to deal directly with the causes of inequality. In order to do so, consideration should be given to a range of policy areas including fiscal, education, trade liberalization, and labor market reforms.

Item ID: 59846
Item Type: Article (Research - C1)
ISSN: 2227-7099
Keywords: income inequality; poverty reduction; equity; inclusive growth; fiscal policy; developing Asia; advanced welfare economies
Copyright Information: © 2019 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).
Funders: Chungnam National University (CNU)
Projects and Grants: CNU Professor Research Fund 2017
Date Deposited: 12 Sep 2019 01:10
FoR Codes: 16 STUDIES IN HUMAN SOCIETY > 1605 Policy and Administration > 160505 Economic Development Policy @ 100%
SEO Codes: 91 ECONOMIC FRAMEWORK > 9101 Macroeconomics > 910106 Income Distribution @ 100%
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