An inclusive approach to economic development: genesis and key points

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 economicdevelopment 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 economicdevelopment, 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 underthe 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.

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