Inclusive Institutions and Multifaceted Values: The Foundation of a Prosperous Nation

In discussions about development, economic growth is often seen as the central measure. This can lead to a simplistic view: a nation’s progress is closely tied to material values, the ability to generate wealth, and the pace of production expansion at all costs. As a result, non-material values are overlooked, and the diversity of value metrics is forgotten. A sustainably developing nation requires more than growth; it needs a society that appreciates various value metrics and a state capable of organizing this diversity into a resource for development. This is the foundation of inclusive institutions, a concept highlighted by the 2024 Nobel laureates in Economics as the cornerstone of a prosperous nation.

A society that values only money and material wealth often distorts how individuals and professions are evaluated. When success is defined by financial income and profit generation, fields like education, healthcare, arts, fundamental scientific research, and community care are either marginalized or stripped of their inherent dignity. This not only creates social disparities and fractures but also weakens long-term development momentum. Teachers, doctors, artists, scientists, and social workers all contribute to the quality of life, trust, and cohesion—core elements of a strong nation.

Respecting the diversity of value metrics is the first step toward restoring balance. A multi-valued society does not place money as the sole standard. It acknowledges that some contributions, though not immediately profitable, lay the foundation for long-term prosperity: community health, universal education, creative culture, gender equality, environmental safety, and care for the vulnerable. When multiple values are recognized, policy discussions broaden, as the state must consider the interests of various population groups, not just those with significant economic influence.

Multi-valuedness is not just an ideal; it directly impacts development structures. In a society that allows for multiple value metrics, young people can pursue careers based on their abilities and passions rather than chasing the highest income. Diverse groups are encouraged to contribute, and the economy has the opportunity to diversify instead of being skewed toward high-profit but high-risk, short-term industries.

However, multi-valuedness is only sustainable when society has an appropriate operational framework. This relates to the concept of inclusive institutions. If a multi-valued society is the “content,” inclusive institutions are the “form” that helps this content manifest in reality. Inclusive institutions enable the voices of all groups—rich or poor, strong or weak—to influence decision-making. They require the state to be transparent, accountable, and ensure that power is not concentrated in economically privileged groups.

Unlike extractive institutions, inclusive institutions expand access to resources for many. When education systems are strong, healthcare is accessible, policies are fair across regions, and business environments are transparent, people’s ability to contribute increases significantly. Development then becomes a widespread process, not just the achievement of initially advantaged groups.

Inclusive institutions are precisely what can protect and nurture value diversity, preventing economic metrics from overshadowing everything else.

To move closer to this model, policymakers play a crucial role. Economic and social decisions must shift from a “priority for rapid growth” mindset to “growth based on improving quality of life.” This requires expanding the development indicator system: alongside GDP, there must be indices for education, healthcare, equality, environmental safety, and institutional quality. When metrics change, budget priorities and policy designs also change. The state then not only promotes the economy but also maintains a balance of values.

Education is another area needing significant change. When schools emphasize only grades, achievements, and the income of “hot” professions, society reproduces a skewed value system. Conversely, if education encourages diverse abilities and fosters community responsibility, younger generations will develop a more holistic mindset. This is the most enduring foundation for a multi-valued society to emerge from within.

A family story can illustrate this. In a household with multiple children, each pursues a different path: one might be in business, another teaching, another in the arts, another in medicine, and there might even be a child with disabilities or dependencies. The family remains stable only when every voice is respected. If parents listen only to the child who earns the most, the family struggles to maintain harmony and integrity. At the national level, this principle is even clearer. A prosperous nation is one where every citizen feels valued and has the opportunity to contribute.

A nation can grow wealthy by focusing on economic gains, but only with inclusive institutions and a multi-valued society can that wealth become ethical, profound, and sustainable across generations.