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Open AccessArticle

A Survey of Inclusive Growth Policy

1
Department of Economics, Sogang University, Seoul 04107, Korea
2
Department of Economics and Trade, Sejong University, Seoul 05006, Korea
3
Department of Asia Business International Studies, Chungnam National University, Daejeon 34134, Korea
*
Authors to whom correspondence should be addressed.
Economies 2019, 7(3), 65; https://doi.org/10.3390/economies7030065
Received: 29 March 2019 / Revised: 8 June 2019 / Accepted: 18 June 2019 / Published: 4 July 2019
(This article belongs to the Special Issue Growth, Global Poverty Reduction and Income Distribution)
Background: Since the latter part of the 20th Century, countries have been particularly challenged by the trade-off that exists between delivering generous welfare provisions and strong economic growth. Such dynamics have stimulated a need to better understand the causes of income inequality so as to better formulate policies that foster inclusive growth and reduce growing concerns surrounding income inequality. Method: Given its ability to succinctly summarize, analyze, and synthesize an extant body of literature from a certain genre of scholastic endeavor, this study utilizes a literature review as its proposed methodological approach. Results: From our assessment of the literature, we identified four key areas that contribute significantly to income inequality in both advanced and developing economies, these include: (i) pursuing skill-biased technological change; (ii) enhancing education systems; (iii) consolidation of globalization; and (iv) reform of the labor market and its relevant institutions. Conclusion: There is no silver bullet to achieving inclusive growth. Any policy manifesto must seek to offer a coordinated policy platform that looks to deal directly with the causes of inequality. In order to do so, consideration should be given to a range of policy areas including fiscal, education, trade liberalization, and labor market reforms. View Full-Text
Keywords: income inequality; poverty reduction; equity; inclusive growth; fiscal policy; developing Asia; advanced welfare economies income inequality; poverty reduction; equity; inclusive growth; fiscal policy; developing Asia; advanced welfare economies
MDPI and ACS Style

Heshmati, A.; Kim, J.; Wood, J. A Survey of Inclusive Growth Policy. Economies 2019, 7, 65.

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