Constraints And Opportunities In Shaping The Future New Approaches To Economics And Policy Making

"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

Science for Policy Handbook provides advice on how to bring science to the attention of policymakers. This resource is dedicated to researchers and research organizations aiming to achieve policy impacts. The book includes lessons learned along the way, advice on new skills, practices for individual researchers, elements necessary for institutional change, and knowledge areas and processes in which to invest. It puts co-creation at the centre of Science for Policy 2.0, a more integrated model of knowledge-policy relationship. Covers the vital area of science for policymaking Includes contributions from leading practitioners from the Joint Research Centre/European Commission Provides key skills based on the science-policy interface needed for effective evidence-informed policymaking Presents processes of knowledge production relevant for a more holistic science-policy relationship, along with the types of knowledge that are useful in policymaking

Mike Cooley One of the most remarkable features of modern industrial society, is the gap between that which technology could provide for society (its potential) and that which it actually does provide for society (its reality). We have for example, complex control systems which can guide a missile to another continent with extraordinary accuracy, yet the blind and the disabled have to stagger around our cities in very much the same way as they did in mediaeval times. There are advanced communication systems enabling messages to be sent around the world in a fraction of a second, but it now takes longer to send an ordinary letter from Washington to New York than it did in the days of the stage coach. Such a growing chasm between potential and reality, is giving rise to a thorough questioning of many of the orthodoxies in these areas and the priorities on which they are based. Similar contradictions, even if at this stage less obvious and dramatic, abound in the field of manufacturing technology. There, we find technologies which have the potential of liberating human beings from soul destroying, routine, backbreaking tasks and leave them free to engage in more creative work, but which in reality, often end up reducing the human being to a mere machine appendage, acted upon by the technology and becoming a passive, pathetic element in the productive system rather than a creative, dynamic human being.

Governments fail to provide the public goods needed for development when its leaders knowingly and deliberately ignore sound technical advice or are unable to follow it, despite the best of intentions, because of political constraints. This report focuses on two forces—citizen engagement and transparency—that hold the key to solving government failures by shaping how political markets function. Citizens are not only queueing at voting booths, but are also taking to the streets and using diverse media to pressure, sanction and select the leaders who wield power within government, including by entering as contenders for leadership. This political engagement can function in highly nuanced ways within the same formal institutional context and across the political spectrum, from autocracies to democracies. Unhealthy political engagement, when leaders are selected and sanctioned on the basis of their provision of private benefits rather than public goods, gives rise to government failures. The solutions to these failures lie in fostering healthy political engagement within any institutional context, and not in circumventing or suppressing it. Transparency, which is citizen access to publicly available information about the actions of those in government, and the consequences of these actions, can play a crucial role by nourishing political engagement.

Uncertain Futures considers how economic actors visualize the future and decide how to act in conditions of radical uncertainty. It starts from the premise that dynamic capitalist economies are characterized by relentless innovation and novelty and hence exhibit an indeterminacy that cannot be reduced to measurable risk. The organizing question then becomes how economic actors form expectations and make decisions despite the uncertainty they face. This edited volume lays the foundations for a new model of economic reasoning by showing how, in conditions of uncertainty, economic actors combine calculation with imaginaries and narratives to form fictional expectations that coordinate action and provide the confidence to act. It draws on groundbreaking research in economic sociology, economics, anthropology, and psychology to present theoretically grounded empirical case studies. These demonstrate how grand narratives, central bank forward guidance, economic forecasts, finance models, business plans, visions of technological futures, and new era stories influence behaviour and become instruments of power in markets and societies. The market impact of shared calculative devices, social narratives, and contingent imaginaries underlines the rationale for a new form of narrative economics.

A sophisticated reader ought to view with great skepticism the prospect of answering questions about the long-term future. The checkered history of predicting the future-from the famous declarations that humans would never fly to the Limits to Growth study to claims about the "New Economy"-has dissuaded policymakers from considering the effects of their decisions more than a few months or years ahead. However, today's choices will significantly influence the course of the twenty-first century. New analytic methods, enabled by modern computers, may transform our ability to reason systematically about the long term. This report reviews traditional methods of grappling with the morrow, from narratives to scenario analysis, which fail to address the multiplicity of plausible long-term futures. The authors demonstrate a quantitative approach to long-term policy analysis (LTPA). Robust decision methods enable decisionmakers to examine a vast range of plausible futures and design near-term, often adaptive, strategies to be robust across them. Reframing the question "What will the long-term future bring?" as "How can we choose actions today that will be consistent with our long-term interests?" these methods provide powerful analytic support to humans' innate capacity for "what-if-ing." Choosing the challenge of sustainable development as an example, the authors discuss how these methods may be applied to real-world LTPA and a wide range of other challenges of decisionmaking under conditions of deep uncertainty.

World-renowned economist Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, explains that we have an opportunity to shape the fourth industrial revolu­tion, which will fundamentally alter how we live and work. Schwab argues that this revolution is different in scale, scope and complexity from any that have come before. Characterized by a range of new technologies that are fusing the physical, digital and biological worlds, the developments are affecting all disciplines, economies, industries and governments, and even challenging ideas about what it means to be human. Artificial intelligence is already all around us, from supercomputers, drones and virtual assistants to 3D printing, DNA sequencing, smart thermostats, wear­able sensors and microchips smaller than a grain of sand. But this is just the beginning: nanomaterials 200 times stronger than steel and a million times thinner than a strand of hair and the first transplant of a 3D printed liver are already in development. Imagine “smart factories” in which global systems of manu­facturing are coordinated virtually, or implantable mobile phones made of biosynthetic materials. The fourth industrial revolution, says Schwab, is more significant, and its ramifications more profound, than in any prior period of human history. He outlines the key technologies driving this revolution and discusses the major impacts expected on government, business, civil society and individu­als. Schwab also offers bold ideas on how to harness these changes and shape a better future—one in which technology empowers people rather than replaces them; progress serves society rather than disrupts it; and in which innovators respect moral and ethical boundaries rather than cross them. We all have the opportunity to contribute to developing new frame­works that advance progress.