New OECD report by Michael Jacobs: ‘Beyond Growth: Towards A New Economic Approach’

A new report for the OECD written by SPERI’s Michael Jacobs, with research assistance by Merve Sancak, presents an outline of a ‘new economic narrative’.

The commissioned report has been written for the OECD Secretary-General’s Advisory Group on a New Growth Narrative, of which Michael Jacobs is a member. It synthesises post-neoclassical / post-neoliberal ‘new economic thinking’ that has developed since the Global Financial Crisis. This encompasses new economic goals, new forms of economic theory and analysis, and new approaches to policy.

The report, published by the OECD in draft form, is available to read here.

The report argues that it is possible for many of the critiques and explorations that constitute new economic thinking to be brought together to create a new economic narrative. It argues that such a new narrative would consist of three elements, each of which is developed further in the report:

  • A new conception of economic progress – a deeper understanding of the relationship between growth, human wellbeing, a reduction in inequalities and environmental sustainability, which can inform economic policymaking and politics
  • New frameworks of economic theory and analysis – a richer basis of understanding and evidence on how economies work, and new tools and techniques to help policymakers devise policy
  • New approaches to economic policy – a wider set of policy and institutional reforms, based on the new frameworks and analysis, to achieve the new social and economic goals

On 17th September 2019 Michael presented the report at a two-day meeting of the OECD’s New Approaches to Economic Challenges group that was held at the OECD’s headquarters in Paris. The full agenda for the meeting, entitled ‘Averting Systemic Collapse’ is available here.