Economic growth and Social Inclusion
A socially inclusive society is one in which all people have the best opportunity to enjoy life and prosper.
This Blog examines the concept of social inclusion, how it has been defined, and the way in which it impacts economic growth. It also examines the economy’s performance on a range of indicators of social inclusion.
There is no single definition of social inclusion. It can mean different things from social policy, economics, and workplace perspective. So, If you ask your general “go-to person” that is Google it will say that, “Social inclusion is the process of improving the terms on which individuals and groups take part in society — improving the ability, opportunity, and dignity of those disadvantaged on the basis of their identity.”Social inclusion is multidimensional: it encompasses social, political, cultural, and economic dimensions, and operates at various social levels. The most relevant aspects can be clustered under three interrelated domains: markets, services, and spaces (figure).
The social economy plays a role in promoting the social inclusion of people, especially vulnerable ones by ensuring sustainable access channels to the labor market. Alongside exclusion from education, health, and housing, exclusion from the labor market exposes people to absolute poverty and low level of quality of life, self-esteem, and loss of human dignity. Active participation of vulnerable people in social economy organizations (as employees, ideally as entrepreneurs) represents a major step in fighting social exclusion and achievement of a decent living standard. Long term effects of confusing social measures adopted within the crisis period reflect an inefficient development.
Now if we talk about the Economic benefits of social inclusion, Social inclusion generates a range of economic benefits through strengthening social networks, increasing trust, and reducing barriers for individuals to realize their potential. on how improving social inclusion is likely to yield economic benefits. This review identified five key dimensions through which social inclusion can yield economic benefits :
• Increased productivity in the workplace
• Improved employment outcomes
• Improvement in mental and physical health
• Reduced cost of social services
• Inclusive growth
Building on this research, social inclusion for those from culturally and linguistically diverse backgrounds, presents the results of new econometric evidence of the economic benefits of improving social inclusion for migrant communities.
While policies to drive economic growth often focus on reforms to markets or regulation, enhancing social interactions can also be critically important. How well people relate to one another in the workplace facilitates creativity; social connectivity helps labor markets function efficiently, and a healthy population adds to overall economic welfare. It has found that lifting social inclusion — defined here as ‘affording all people the best opportunities to enjoy life and prosper in society’ — can play a significant role in lifting the living standards. Social inclusion avoids the costs incurred when people are excluded — from jobs, from businesses, and from accessing social services. Social inclusion harnesses our diversity as a fuel for small business formation, creativity, and innovation.
Contributed By- Archit Jain, Content Writer @ Mitti Ke Rang
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