beyond gdp stewart- wallis-nef-22feb-2012
DESCRIPTION
A presentation held by mr Stewart Wallis, head of New Economic Foundation at a seminar with Swedish think tank Global Utmaning (Global Challenge) and Miljöpartiet (Swedens green partyTRANSCRIPT
Beyond GDP
Need for a Great Transition
Stewart WallisExecutive Directornef (the new economics foundation)Email: [email protected]: www.neweconomics.org
4 ‘U’s of economics
› Unsustainable
› Unfair
› Unstable
› Unhappy
Myths and Half-Truths
Infinite growth Markets are fair Prices tell the truth Salaries reflect valueMore income equals more happiness
Goal of a good economy
Achieve high well-being and social justice within fair ecological limits
Need for a Great Transition
Key Components
1. Measure the right things
2. Reform finance
3. Stay within environmental limits
4. Reduce inequality
5. Create Good Jobs
6. Move public policy and investment upstream/prevention
7. Reframe the role of markets and companies
8. Rethink work (paid and unpaid) and productivity
9. Build strong local economies
10. Empower people to be economic citizens
Plus:
- Values shift
- Change economics
- Local, National and International
“What gets measured gets done”
The Gross National Product measures everything except that which makes life worthwhile.”
Robert Kennedy18th March 1968
“
Relying on GDP alone would be like driving a car only Relying on GDP alone would be like driving a car only looking at the speedometer…looking at the speedometer…
But other indicators are necessary to assess the But other indicators are necessary to assess the success of a policy.success of a policy.
Goal of a good economy
Achieve high well-being and social justice within fair ecological limits
Flourishing
Functioning well and experiencing good feelings day-to-day and overall
Personal flourishing
Connect...Be active...Take notice...Keep learning...Give...
› Unemployment› Inequality› Instability› Environmental pollution› Social fragmentation
› Well-being
External conditions
UK Government measuring well-being as a headline indicator
National Accounts of Well-being Measuring our progress Office for National Statistics Civil Service Commitment Australia and other Governments 10 years from now
To those who say that all this sounds like a distraction from the serious business of government, I would say that finding out what will really improve lives and acting on it is actually the serious business of government.”
UK Prime Minister David Cameron, 2010
“
Implications for policy
› Satisfaction with specific services – impact of ‘respect and dignity’
› Calculations of utility, e.g. sport, green spaces
› Income and wealth distribution
› Informing life choices, e.g. higher education
› Valuing opportunities for social interaction
› Planning policy
› Volunteering and reciprocity, e.g. complementary currencies, Time Banks
› Parenting and schooling
› Refining tax-benefits
› Work location
› Well-being at work
Changing central dynamic
Framework for measuring societal progress
Happy life years and ecological footprint for 143 countries
USA
Rethinking productivity
Vision of a new economy
Profound consequences for economics