Due in October 2020.
We are facing a series of converging planetary emergencies linked to the environment, the economy, and our social and political systems, but we will not meet these challenges using the tools of the last century. We need to rethink the role of the economy in improving the well-being of people and the planet. As the world’s leading intergovernmental forum on economic policy, the OECD has a central role to play in creating a new economic narrative. OECD Secretary-General Angel Gurría therefore invited a high-level group of experts to contribute their proposals on what needs to change in economic policy and policymaking. This report summarises their conclusions. The Advisory Group argues that we need to go beyond growth, to stop seeing growth as an end in itself, but rather as a means to achieving societal goals including environmental sustainability, reduced inequality, greater wellbeing and improved resilience. This requires updating the philosophy, tools and methods underpinning the analysis that influences economic decision-making. Drawing on developments across the modern field of economics and political economy, the report argues for a new approach which recognises the rootedness of economic systems and behaviour in the relationship between people, social institutions and the environment.
The OECD has invited Nobel laureates and many of the world’s leading thinkers from government, the private sector and academia to debate innovative approaches to the major questions facing humanity. This series summarises their analyses and proposals on the interlinked challenges facing our societies, environment and economies: from the climate emergency to inequality, the digital economy, or the financial system. The OECD’s New Approaches to Economic Challenges (NAEC) initiative was launched in 2012 to investigate the roots and lessons of the financial crisis, and renew and strengthen analytical and policy approaches with fresh thinking, engaged research and dialogue.