We are facing a series of converging planetary emergencies linked to the environment,
the economy, and our social and political systems, but we will not meet these challenges
using the tools of the last century. We need to rethink the role of the economy in
improving the well-being of people and the planet. As the world’s leading intergovernmental
forum on economic policy, the OECD has a central role to play in creating a new economic
narrative. OECD Secretary-General Angel Gurría therefore invited a high-level group
of experts to contribute their proposals on what needs to change in economic policy
and policymaking. This report summarises their conclusions. The Advisory Group argues
that we need to go beyond growth, to stop seeing growth as an end in itself, but rather
as a means to achieving societal goals including environmental sustainability, reduced
inequality, greater wellbeing and improved resilience. This requires updating the
philosophy, tools and methods underpinning the analysis that influences economic decision-making.
Drawing on developments across the modern field of economics and political economy,
the report argues for a new approach which recognises the rootedness of economic systems
and behaviour in the relationship between people, social institutions and the environment.