People will be affected most by how they benefit from economic growth and how wellthey can adapt to change. We can measure how well we benefit from economic growth — i.e., salaries and the cost of housing — or if we are negatively impacted by the loss of jobs through automation or offshoring, rent increases making people downsize, etc.
Understanding people’s needs is crucial. These needs encompass health, education, employment, and the likelihood of facing adversities such as illness, homelessness, or deciding to vote.
Structural factors at both personal and neighbourhood levels play a significant role in shaping individuals’ economic experiences, influencing their ability to either benefit from economic growth or suffer from a recession.
For example, a person with low education but who owns their own home will benefit in an area that is regenerating, and house prices are increasing compared to someone with higher levels of education but who rents might end up being priced out. Likewise, someone with health needs in an area with solid infrastructure and support networks is likelier to improve.
It’s crucial to consider individuals’ adaptability to change. Whether a factory worker in an automated sector or a disabled person transitioning from school, their adaptability is critical to theireconomic resilience.
The below shows an analysis of this regarding young people:
