The Wellbeing Economy … thriving in a world that is fairer and greener for everyone … bringing together the UN’s SDGs, OECD’s Better Life Index, Doughnut Economics and more.
January 21, 2023
The Wellbeing Economy has been described in many forms. At its heart is economic progress that is good for everyone. Not just as derivatives, but as a deliberate construct. We make more money, because everyone benefits more. We make more money, because it is better for the world.
There are plenty of theories and frameworks around. Most familiar, is the UN’s 17 SDGs. Then there is OECD’s Better Life Index. Kate Raworth’s doughnut model, for example, focuses on the “fair space” where we doing more for society, but with less damage to the environment. Carnegie’s SEED model balances economic, social and environmental “wellbeing”. And there are many more.
A new report “The Shared Ingredients for a Wellbeing Economy” brings these together, summarising the common themes as
- Thriving … Delivering the conditions for people to thrive and flourish (ie. to prosper)
- Fair … Delivering this fairly, so everyone benefits
- Green … Delivering sustainably so the planet and future generations can also thrive
In simple terms it represents a shift away from a singular focus on driving economic growth as an end in itself, towards a focus on growing the known drivers of a range of interconnected outcomes that improve lives – now and in the future.
If “Thriving, Fair and Green” acts as an overarching vision, then below that are some common themes, reflecting the dimensions in which these principles need to be applied:
- Economic Security
- Personal Wellbeing
- Community & Democracy
You can see how these are mapped across the different frameworks:
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