This Long-Read series no. 11 by NERI Co-director, Dr. Tom McDonnell addresses economic resilience which includes socio-economic and environmental stability and adaptive capacity.
Economic resilience is one of the four mutually reinforcing pillars that underpin the New Economic Model framework. In an uncertain world we need our economies and societies to be capable of thriving and flourishing even while under external or internal stress.
The other pillars are:
(a) Productivity, innovation and growth,
(b) Participation and good or better jobs, and
(c) Economic security and well-being.
We should understand the pillars as complementary to and dependent on each other. Economic resilience is an essential foundation for a sustainable high productivity economy. High levels of productivity, in turn, enable the good jobs that underpin economic security. Finally, a sense of economic security is a vital ingredient of any resilient economy, society and polity.