Function of citizen in economic growth
Answers
citizen in economic growth by the working of government because citizens are the most important for our cities ...
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The RSA is committed to empowering citizens to live a flourishing life. We call for newly created economic institutions to have a more democratic, participatory dimension: for us the ‘good’ economy is not just one of managers, workers and consumers; it is one of citizens. We believe better policy and a better chance of success in pursuing that policy will result from of a more public culture of economics, one in which power is more evenly dispersed and shared among economic actors, including private, civic and public organisations and people in their roles as workers, consumers, investors and citizens. The interim report of the Council marks the beginning of a wider conversation about the way forward. I look forward to engaging with you on its emerging findings.
Matthew Taylor, Chief Executive, RSA
Executive Summary
“We must not become engaged at the margins, but at the heart of power”
Stephané Hessel, French diplomat and resistance hero
Context
The Queen merely captured the public mood in the UK when, in the wake of the economic crisis in 2008, she asked a roomful of economists, “why did nobody see it coming?” The financial crash has increased calls for a fundamental rethink in the way we teach and ‘do economics’, run economies and manage the financial sector. This has led to new rules governing banks and increased scrutiny of some prevailing unchallenged economic orthodoxies. In addition, longer-term profound social, technological and economic shifts — increasing levels of migration, environmental degradation, the effects of globalisation and the impacts of automation — have added pressure for change.
The Bank of England’s Chief Economist, Andy Haldane, has described the 2008 financial crisis as being one that did not just pose economic and political challenges; but also analytical challenges. There is now a growing, global movement — Rethinking Economics — of students, professionals and policymakers calling for reform to the economics curricula and a more democratic economy. In addition, the CORE project led by Professor Wendy Carlin at UCL, the recently launched ESRC Rebuilding Macroeconomics Network, as well as the Promoting Economic Pluralism network run by RSA Fellow Henry Leveson-Gower all seek to broaden the debate about economics. These networks build upon the thinking developed by the many economists within and outside academia seeking to offer alternative approaches to orthodox economics.
Used as a generic term for methodologies that lie outside the ‘mainstream’, a common starting point for contemporary ‘heterodox economics’ is an attempt to look beyond neoclassical assumptions about ‘rational’ human decision-making being governed by pleasure or utility. This ‘new economics’, rather, takes into account broader sociological, environmental, and behavioural factors when understanding economic policy. Alongside these developments, there is growing interest amongst citizens, charities, local government and policymakers in new narratives about the economy, exposing the shortfalls in conventional models of economics. The RSA reject the idea that economics can ever be value-free when applied to policymaking. However, this is not to reject the rigour that can be brought to policy questions through the use of statistical evidence and econometric modelling. It is merely to argue that such reductive expressions of economics can and must be enriched by other ways of knowing and understanding people, resources and system dynamics.
Renewed focus on ‘inclusive growth’, ‘sustainable prosperity’ and ‘wellbeing economics’ all speak to this point, challenging the orthodoxy that economic success must be measured exclusively in such reductive terms, suggesting different ways of conceptualising what economic success looks like, at both a local and national level. These debates seek a renewed understanding of the goals and purpose of the economy, focusing on economics as a discipline which is in service to citizens, rather than the other way around.
Recent events, in the UK and elsewhere, have further exposed challenges about the winners and losers of how our societies and economies are faring. First is the challenge of legitimacy. The 2016 referendum on the European Union in the UK exposed an enormous disconnect between citizens and the economic, political and policymaking consensus. In the past year, the Edelman Barometer of Trust has reported a global implosion in levels of citizen trust in policymakers, companies, politicians and economists.
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