A conceptual framework for inclusive economics

Arno Van Niekerk

doi:10.4102/sajems.v22i1.2915

Abstract

Background: In view of growing concerns about global inequality and economic exclusion within and between countries, the theme of ‘inclusive economics’ or ‘economic inclusivity’ is gaining significance. Aim: In discovering a more in-depth understanding of inclusive economics, the article develops a conceptual framework to better understand both the interpretation and application of inclusive economics. Setting: As an ideal setting, the post-global financial crisis period provides fertile ground to explore alternative economic theories and systems such as inclusive economics. Methods: A variety of terms and theories are associated with inclusive economics, hence a conceptual and theoretical analysis, in a descriptive context, is used to clarify the theoretical demarcation of this concept. Results: Since the concept does pose a challenge to conventional economic frameworks, a key result is that it may become a valuable addition to the range of economic thinking and proposals in solving much-needed 21st century economic challenges. Conclusion: The article contributes towards developing a new paradigm for genuine economic progress – in theory and practice.

Highlights

Many economies around the world have come to a crossroad: What is the way forward? Current economic frameworks are often failing, yet there is no obvious alternative
The article begins to develop a conceptual framework for inclusive economic theory
Developing a theoretical framework for inclusive economics is essential to understanding the elements required to construct a more balanced approach to the economy

Summary

Background

In view of growing concerns about global inequality and economic exclusion within and between countries, the theme of ‘inclusive economics’ or ‘economic inclusivity’ is gaining significance. Aim: In discovering a more in-depth understanding of inclusive economics, the article develops a conceptual framework to better understand both the interpretation and application of inclusive economics. Setting: As an ideal setting, the post-global financial crisis period provides fertile ground to explore alternative economic theories and systems such as inclusive economics

Introduction

Conclusion

Data availability statement