In the media
The Stockholm Statement gets mentioned in The Guardian

Former World Bank Chief Economist, Kaushik Basu, recently gave a public lecture on the 'Challenges for the global economy: the great recession and the fault lines' at the Monash Business School in Melbourne, Australia.

Greg Jericho from the Guardian reported on the take-away messages that were drawn from the event. His article, published on 7 December 2016 under the title ‘It's time to focus on the redistribution of wealth to poorer workers’, shares Basu’s views on the crisis in the global market spurred by the globalization of labour and the rise of automation.

Basu, who delivered a WIDER Annual Lecture on global labor standards and local freedoms, states that protectionism is the wrong path to take in facing this crisis, and that governments need to focus more on distributing profits to workers.

The Stockholm Statement is used to back Basu’s arguments on sharing profits with workers. The first principle of the statement is that ‘GDP is not an end in itself. This is the point of departure for Basu to argue that in order to improve the economy, governments must adopt policy more targeted to inclusive growth.

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About the Stockholm Statement

On 16-17 September 2016 thirteen of the world's leading development economists met in Stockholm to review and assess the challenges faced by today’s economic policy makers.

They signed the Stockholm Statement, which summarizes what they see as the core principles for development policy-making going forward. In their view, Inequality within countries is threatening social cohesion and economic progress, and development needs to be seen in a broader perspective in order to achieve more equitable and sustainable results.