A conceptual framework for inclusive economics

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.

Keywords

• inclusive economics
• well-being economy
• sharing economy
• conceptual framework.