Suppose we were to create new national economic goals

Posted on

I have my first post on the new Progressive Economy Forum blog this morning. In it I argue for revision of our national economic goals, saying:

Suppose, though, we were to set more appropriate economic goals that might replace the almost irrelevant 2% inflation target? What might those goals be? And how might they be implemented?

I suggest there should be five targets, all of which are very obviously related. They are:

  1. To create full employment; whilst delivering
  2. rising median earnings from that employment; against a backdrop of
  3. falling income and wealth inequality; to be achieved in an economy where there is
  4. ecological sustainability; with the goal that all should share in a
  5. flourishing economy in which the wellbeing of all people matters.

I would propose that it is hard to argue against these targets – together, they appear to be the very definition of a successful economy.

The rest of my argument is available here.