Economic-centric
Economic-centric describes a perspective, policy, or system that prioritizes economic considerations above all others. It emphasizes economic growth, efficiency, and the accumulation of wealth as the primary drivers of decision-making and societal development. This approach often views non-economic factors, such as social welfare, environmental protection, and cultural values, as secondary or instrumental in achieving economic objectives. An economic-centric viewpoint typically measures progress primarily through economic indicators like GDP, profit margins, and market share, potentially neglecting other crucial aspects of human well-being and ecological sustainability. This focus can manifest at individual, corporate, governmental, or international levels. It underscores a belief that economic prosperity underpins or solves most other societal challenges.
Economic-centric meaning with examples
- The company's economic-centric strategy resulted in impressive quarterly earnings but also led to significant job cuts and reduced investment in employee training and development, highlighting the potential trade-offs of such an approach. The emphasis was almost solely on maximizing profit, and other concerns were side-lined.
- Critics argued that the government's economic-centric policies, focused on attracting foreign investment, came at the expense of environmental regulations, leading to deforestation and pollution. There was little to no regard for the social cost. Long term this was a disaster.
- Many believe that the International Monetary Fund's economic-centric approach to developing nations often imposes austerity measures that worsen social inequality and hinder sustainable development. The focus on fiscal targets sometimes comes at the cost of human rights.
- Some scholars advocate for a shift away from economic-centric frameworks in urban planning, emphasizing the need to consider social equity, environmental sustainability, and community well-being alongside economic growth. This holistic view is much needed for future planning.
