Current economic growth is reaching its limits. A shift in direction is urgently needed to keep society livable for everyone. The compass of broad prosperity provides guidance, especially in the regions, Professor Otto Raspe stated during his inaugural address on November 4. He emphasized that prosperity is not only about economic growth but also about social and ecological dimensions and the balance between them. Raspe said, "Every region in the Netherlands has its own challenges in this area. This calls for tailored policy. It is precisely in the regions where the quality of life of people is determined. Every region counts."
In his inaugural address, Professor Otto Raspe, Professor of Practice in Broad Prosperity at Tilburg University, elaborated on how politicians, scientists, citizens, and social organizations can consider steering towards broad prosperity. Raspe stated, "Economic growth is a means, and broad prosperity is the goal. This means: a society where not only the economy flourishes, but where people feel comfortable, can maintain a healthy lifestyle, live in a safe and clean environment, and experience social connectedness."
Local challenges
More and more regions and policymakers are focusing on broad prosperity as a compass for a sustainable and inclusive future. It is precisely in the region, where businesses and governments collaborate and people spend their daily lives, that the key to broad prosperity can be found, says Raspe. Here, the often intertwined societal challenges in the areas of energy and climate transition, healthcare, housing, and the labor market must be addressed.
Tailored solutions
However, broad prosperity is a multifaceted issue that varies by region. According to Raspe, it is important to be aware of regional differences in the country: "Far too often, ’The Hague’ uses a generic toolkit as if the challenges in different regions are the same. But while some regions grow and adapt to the new economy, others lag behind, facing lower incomes, less job security, and poorer environmental quality. A new geography of the economy has emerged in recent decades."
A good example is Brainport Eindhoven: once in a downward spiral, now an innovative powerhouse. But this growth also brings challenges, such as staff shortages and a rapidly rising demand for housing and facilities. How can this region balance its growth and work towards inclusive broad prosperity’
New relationship
To realize broad prosperity, a new relationship is needed between the government and stakeholders.
The regional network is of great importance, according to Raspe. Policy choices at the national level impact the regional level and the lives of individuals. With tailored solutions, policymakers and entrepreneurs can work more effectively towards a future with a better balance between economic, social, and ecological prosperity - for everyone. "As a professor of practice, I research how economic mechanisms contribute to broad prosperity and provide policymakers with insights to achieve better prosperity through tailored solutions."
About Otto Raspe
Professor Otto Raspe (1973) has been a Professor of Practice at the Academic Collaborative Center for Broad Prosperity at Tilburg University since March 1, 2023. His teaching assignment includes broad prosperity and regional economics. Otto studied regional economics and economic geography at Tilburg University and obtained his PhD in 2009. In addition to his appointment as Professor of Practice, Raspe leads research on regional developments, innovation, and sustainability at RaboResearch, the research department of Rabobank.