New a pproaches to e conomic c hallenges
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NAEC. New a pproaches to e conomic c hallenges. Shardul Agrawala Coordinator, NAEC Senior Advisor to the Secretary-General. The NAEC initiative. At the 2012 MCM, “New Approaches to Economic Challenges (NAEC)” was launched.

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New a pproaches to e conomic c hallenges

NAEC

New approaches to economic challenges

Shardul Agrawala

Coordinator, NAEC

Senior Advisor to the Secretary-General


The naec initiative

The NAEC initiative

At the 2012 MCM, “New Approaches to Economic Challenges (NAEC)” was launched.

NAEC is an organisation-wide reflection process on the roots and lessons from the crisis with the aim of catalysing a process of continuous improvement of the OECD analytical framework and policy advice.


What we mean by new approaches

What we mean by New Approaches

  • Within a broad context, new approachesinvolve:

    • Revisiting some of the fundamental assumptions about the functioning of the economy

    • Looking at the limitations and extending the capabilities of existing tools for structural analysis

    • Investigating new economic thinking to find more effective tools

    • New approaches encompass the idea that growth is an important means but not an end of policy making.


Timeline so far

Timeline so far

May 2012: New Approaches to Economic Challenges (NAEC) was launched at the 2012 MCM

Oct 2012: First meeting of the NAEC Group

Jan 2013: Scoping Paper circulated to the NAEC Group

Feb 2013: Second meeting of the NAEC Group

Apr 2013: Revised Scoping Paper/ Interim Report circulated to Council


Organising structure for naec

Reflection

and

Horizon Scanning

Policy Trade-offs

and

Complementarities

Institutions

and

Governance

  • Draw lessons from the crisis and economic history

  • Examine the role of the financial sector in the crisis and reforms required to promote sustainable growth

  • Revisit policy instruments for achieving growth- and equity-friendly fiscal consolidation

  • Explore new economic tools and approaches (such as behavioural economics, complexity science, micro-data)

  • Improve the understanding of interlinkages between policy drivers and wellbeing outcomes

  • Examine interlinkages between:

    • Inequality and growth

    • Environment, growth and inequality

    • Growth and stability

  • Analyse the implications of long-term global trends and the resulting policy tensions

  • Explore the impact of the crisis on trust in government and identify policy levers to regain trust

  • Design policies for more resilient social institutions in view of the crisis and long-term trends

  • Address new challenges in governance to respond to increasing interconnectedness and complexity, e.g. in competition and taxation

Organising structure for NAEC


The naec interim report

The NAEC Interim Report

Reflection and Horizon Scanning

  • We need to draw lessons from the crisis and economic history and revisit analytical frameworks.

  • There is also a need for horizon scanning for new tools and approaches - such as behavioural economics, complexity science, data use, etc.

    Policy Trade-offs and Complementarities

  • We need to analyse trade-offs and complementarities between policy drivers and wellbeing outcomes, e.g. between:

    • Inequality and growth

    • Environment, inequality and growth

    • Growth and stability

  • Long-term trends may also have important policy implications.


The naec interim report ctd

The NAEC Interim Report (ctd.)

Institutions and Governance

  • There is a need to develop new approaches to improve public institutions and governance.

  • This is important to better manage near-term challenges that emerged in the wake of the crisis and to cope with additional pressures arising from long-term trends.


The naec interim report ctd1

The NAEC Interim Report (ctd.)

However, the report has changed in a number of ways. For example:

  • The report streamlines the number of project proposals, as was requested by several delegations.

  • The report tries to better show the cross-directorate aspects of particular issues, by merging projects with a common issue. Such as:

    • In the work on long-term investment, we pulled together projects separately addressing the asset and liability sides of the balance sheets of long-term institutional investors,

    • The toolkit for implementing multi-dimensional policy frameworks has been combined with new approaches to analyzing multi-dimensional wellbeing.


The naec interim report ctd2

The NAEC Interim Report (ctd.)

  • We have also consulted internally to take better account of the cross-directorate aspects of particular issues. In this context, we have also begun to hold internal seminars to facilitate this process.

  • We have re-defined many projects in a way that is more consistent with the NAEC philosophy. For example, we have made clearer what is “new” in the proposed work and methodology.


  • Naec goals

    NAEC goals

    • Improve our understanding of the complex and interconnected nature of the global economy and associated policy challenges

    • Recognise the importance of economic growth as a means but not as an end of policy-making

    • Identify areas where OECD analytical frameworks need to be adjusted

    • Enable governments to identify, prioritise and combine reforms to support inclusive growth


    Next steps

    Next steps

    A revised Interim Report will be delivered to the 2013 MCM.

    Lines of work under NAEC will continue to advance following the 2013 MCM.

    A comprehensive Synthesis is envisaged after the 2014 MCM.


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