The Millennium Declaration provided considerable impetus to refocus the efforts of development agents around the world on the major ethical challenge of eradicating global poverty. The MDGs that followed have become an important mechanism for pursuing the agenda of the Millennium Declaration. We are now, however, at a point where reflection on the MDG framework is called for. In this article we explore what the contribution of a concept of (3-dimensional) wellbeing might bring to a revived MDG momentum.

The Poverty and Inequality research cluster, part of the Vulnerability and Poverty Reduction team at IDS, produces research on poverty, inequality and wellbeing. Our research challenges orthodox views on the nature of poverty, how poverty is understood and how policy can best accelerate poverty reduction. Our work focuses on poverty and wellbeing through the lens of equity and inequality. Poverty is not only about 'poor' people but also about the social and economic inequalities that compound and reproduce poverty. Email: poverty@ids.ac.uk Web: www.ids.ac.uk/research-teams/vulnerability-and-poverty-reduction-team/researchthemes/poverty-inequality-and-wellbeing PI WP7The Vulnerability and Poverty Reduction (VPR) Team aims to construct dynamic and multidimensional perspectives on vulnerability and poverty in order to transform thinking, policy and practice.The VPR team produces working papers on social protection; conflict, violence and development; and poverty and inequality. Follow this link to view a full list of publications: www.ids.ac.uk/research-teams/vulnerability-and-poverty-reduction-team/publications/vpr-workingpaper-series This publication is copyright, but may be reproduced by any method without fee for teaching or nonprofit purposes, but not for resale. Formal permission is required for all such uses, but normally will be granted immediately. For copying in any other circumstances, or for re-use in other publications, or for translation or adaptation, prior written permission must be obtained from the publisher and a fee may be payable. SummaryThis paper makes a number of fundamental proposals to reconsider economics by putting human wellbeing at the centre. It emerges from a pluralist perspective in economics and the ontological, conceptual, axiomatic and methodological propositions that are made lead to the construction of what we call an inclusive economy matrix (IEM). In particular, the paper draws on heterodox economics to redefine the scope of economics, economic agency, rational behaviour and put emphasis on wellbeing rather than welfare. Furthermore, from the acknowledgement of human wellbeing as a three-dimensional concept, the economic aggregation problem is reconsidered and the methodological implications discussed. The IEM is proposed as a comprehensive and robust analytical framework that gives space to bring social equity and sustainable development considerations forward as a priori concerns for economic development. As such, the IEM can serve as a point of departure for formulating new research questions, exploring new relationships between human wellbeing and economic development, and building economic models that bring us closer to people's realities on the ground.

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