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2019, vol. 67, iss. 1-2, pp. 1-15
Three things an economy needs in the era of the fourth industrial revolution
University of Belgrade, Faculty of Economy, Department of Business Economics and Management
Keywords: fiscal consolidation; growth model; the fourth industrial revolution; new normal; combinatorial innovation; industrial policy; hard macroeconomic policy regime
After the fiscal consolidation is successfully over, what new policy challenges await Serbia? In the following period, beside sustainability of fiscal balance, the core challenge is going to be the implementation of the new model of economic growth. Without adequate growth, structural inflation could easily return. A new model should provide sustainability and inclusivity proposals. Before we define the new growth model, we yearn to understand the causes of vulnerability and risk exposure, as well as what underpins the recent shift in the economic and development paradigm. Also, we intend to find answers to related questions as follows. Are we ready to embrace new normal in defining economic rules based on a heterodox approach? Have we made progress in creating an environmentally friendly model of economic growth that can ensure Serbia's convergence to the EU income levels? How would a new set of policy choices impact the long-run GDP growth and wellbeing? Our intention is to provide the new growth model (and related policy platform) which would become a true force for a better Serbia capable of overcoming persistent economic imbalances and fault policy lines and forming a foundation of a sustainable and inclusive economy, both toward the people and nature.
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article language: English
document type: Original Scientific Paper
DOI: 10.5937/EkoPre1808001D
published in SCIndeks: 21/03/2019