An inclusive approach to economic development: genesis and key points

Alina Zhukovska

Анотація


Introduction. For a long time, the world academic community has been in search for
ways, methods, tools and techniques of driving economic growth. The current trends in
economic studies have made researchers admit that market economy is unable to solve
the key social problems, and that economic growth is not enough for the fully-fledged
development of the country. Therefore, discussing the concept of inclusive economic
development is currently of great importance.
Purpose. The purpose of the article is to examine the genesis of the concept of inclusive
economic development, to highlight its main theoretical foundations, to study methods of
calculating inclusive development index (IDI), and analyse the countries ranking under the
IDI.
Methods. The following general and special methods are used to achieve the purpose of
the research paper: induction and induction, logical generalization, analysis and synthesis,
comparison, grouping.
Results. The paper provides a rationale for the concept of inclusive economic
development, its genesis and chronology. The conceptual framework for inclusive economic
development is examined through the lens of the key terms used in the research. The
distinctive nature of aims for inclusive growth compared with those of economic growth
is illustrated. A new indicator of the growth rate estimation in the economy – inclusive
development index (IDI) – is analyzed as well as the main groups of indicators that are
used to calculate the former. The countries ranking under the IDI and countries rating under
the GDP per capita are compared. The position of Ukraine in the ranking of countries under
the IDI is analyzed. The reasons that led to a low position of Ukraine in the overall ranking
of countries are formulated.


Ключові слова


inclusive development, inclusive growth, economic growth, inclusive development concept, inclusive development index.

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