Intergenerational Wellbeing and Public Policy: An Integrated Environmental, Social, and Economic Framework

The distinctive contribution of this book is the formulation of an integrated social, environmental, and economic framework for public policy. This contribution is realised through investigations and conclusions in the following four domains: a formal stylised model that provides a platform for an integrated approach to public policy; a policy-informing simulation model that can be used to operationalise the public policy insights proposed in the stylised model; the implications of introducing fundamental (or radical) uncertainty and complexity into the policy framework; and the use of viability theory to demonstrate how one can think of and implement public policy in an uncertain and complex world, when the focus of policy needs to shift to building resilience to systemic risks.

The book’s stylised model is constructed by weaving together threads from the wellbeing, human needs, complex systems, sustainable development, endogenous economic growth, directed technical change, and credit-based-money literatures. Throughout, the perspective is that of a policy adviser to a "wellbeing state", as distinct from a "welfare state". The key linkages or relationships in the model are supported by empirical evidence that draws on the wider literature in related fields.

Girol Karacaoglu is Professor and Head of the School of Government at Victoria University of Wellington, New Zealand. His previous role was Chief Economist of the New Zealand Treasury. His current research interest is in public policy - an integrated approach to economic, environmental, and social policies towards improving intergenerational wellbeing.

Jacek B. Krawczyk is an adjunct academic at Flinders University, Adelaide, Australia, formerly with Victoria University of Wellington, New Zealand. His focus is on mathematical modelling of environmental processes, financial engineering, monetary policy, and optimisation of processes in each of these areas. His recent interest is in viability theory applications to economic dynamics.

Anita King is a Senior Analyst at The New Zealand Treasury, Wellington, New Zealand. With her PhD in physics, she is a specialist in developing and managing mathematical models that serve society, the environment,and the greater good.