Neri study proposes people-centered economy

A groundbreaking study by former National Economic and Development Authority (NEDA) director-general Romulo Neri has introduced a transformative framework that proposes a new paradigm for a people-centered economy and climate resilient society.

According to Neri, the study, entitled “A New Paradigm for a People-Centered Economy and Climate Resilient Society,” aims to shift the focus of economic development from traditional capitalist models to a more inclusive approach that prioritizes the well-being of people, the health of institutions, and the preservation of nature.

Neri’s framework emphasized the necessity of higher investments as a catalyst for inclusive growth.

Based on his paradigm, increased investment will lead to greater employment opportunities, reduced underemployment, and improved productivity across various sectors. The analysis identifies key areas such as infrastructure, agricultural productivity, and a supportive regulatory environment as critical components in achieving these goals.

The report asserted that traditional economic analyses often overlook the interactions among four essential factors: Products, People, Institutions, and Nature.

Neri said that understanding these relationships can lead to a more holistic approach to economic development.

In the study, Neri outlined six critical interactions among the four factors that can foster a productive, well-governed, and climate-resilient society: People and Products, People and Nature, People and Institutions,Products and Institutions, Products and Nature and Nature and Institutions.

The study also highlights significant paradigm shifts needed to transition from a capitalist development model to one that is people-centered and environmentally nurturing.

Key transformations include Natural Resources and Food Security, Urban Development, Manpower Remobilization, and Financial Mobilization.

Neri said the study can serve as a call to action for policymakers, business leaders, and community stakeholders to reimagine the pathways to economic growth and environmental sustainability.

“By fostering the interactions between people, institutions, products, and nature, the proposed framework aims to create a society that is not only economically robust but also resilient to the challenges posed by climate change,” he said.

“As countries navigate the complexities of modern economies, embracing this new paradigm may prove vital for ensuring long-term prosperity and ecological integrity,” he added.