{"id":586497,"date":"2023-05-11T00:00:00","date_gmt":"2023-05-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/11\/growth-by-all-means-necessary-abandoning-gdp-in-favor-of-a-wellbeing-economy\/"},"modified":"2023-05-11T00:00:00","modified_gmt":"2023-05-11T00:00:00","slug":"growth-by-all-means-necessary-abandoning-gdp-in-favor-of-a-wellbeing-economy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/11\/growth-by-all-means-necessary-abandoning-gdp-in-favor-of-a-wellbeing-economy\/","title":{"rendered":"Growth by all means necessary? Abandoning GDP in favor of a Wellbeing Economy"},"content":{"rendered":"

<\/span>An economy that prioritizes quality of life sounds radical and even a little<\/span> naive<\/span>, but that\u2019s the premise of a Wellbeing Economy \u2014 an economy designed to serve people and the planet, not the other way around. In a Wellbeing Economy, the rules, norms and incentives are set up to deliver quality of life and flourishing for all people by default, ensuring that everyone has enough to live in comfort, safety and happiness, says the <\/span>Wellbeing Economy Alliance<\/a><\/span>.<\/span><\/p>\n

The rules and institutions that shape our economy have been designed by people<\/span> \u2014 so,<\/span> we can redesign them in favor of people and the planet, says the <\/span>New Economics Foundation<\/a><\/span>, a UK-based think-tank that promotes social, economic, and environmental justice. The NEF wants to transform the economy to make it work for people and the planet, supporting practices like co-production, local money flow analysis, social return on investment, ethical investment and social auditing and establishing a range of organizations to spread its work. <\/span><\/p>\n

Our current headline indicator of economic progress is GDP, but decouples growth from<\/span> sustainabilit<\/span>y, says NEF CEO Miatta Fahnbulleh (<\/span>listen; runtime: 1:19<\/a><\/span>). Developed during the second world war, GDP has become the title measure in a complex system of national accounts overseen by the UN. This is despite the fact that when it was first introduced in 1953, GDP accounts were motivated in part by the need to determine how much governments could afford to spend on the war effort, professors at Imperial College London, Cambridge University, and Surrey University wrote in <\/span>the Conversation<\/a><\/span>.<\/span><\/p>\n

Out of touch?<\/span> GDP measurements can incorporate many of the \u201cbads\u201d that detract from our<\/span> quality of life \u2014 war, pollution, crime, traffic congestion, and natural disasters \u2014 and can have a positive impact on GDP, according to the professors. The pursuit of GDP as a policy goal increases devastation of the natural world and climate and near melt-downs of global financial markets, while ignoring the technological transformations of society.<\/span><\/p>\n

It is time to \u201cshift emphasis from measuring economic production to measuring people\u2019s<\/span> wellbeing,\u201d<\/span> says a <\/span>report<\/a><\/span> by Joseph Stiglitz, Amartya Sen and Jean-Paul Fitoussi, the chairs of the OECD\u2019s Commission on the Measurement of Economic Performance and Social Progress (CMPEPS), which gave way to a global conversation on the limits of GDP as a welfare metric. Concentrating on the wrong indicators meant that governments make inadequate policy choices, with severe and long-lasting consequences, such as the 2008 financial crisis, according to a separate <\/span>study<\/a><\/span> by Stiglizt, Fitoussi and Martine Durand, co-chair of the CMPEPS High Level Expert Group.<\/span><\/p>\n

GDP remains a valid tool for macroeconomic analysis<\/span>, the economists say, but a Wellbeing<\/span> Economy could serve as an arbiter of social progress, reflecting people\u2019s lives and experiences. Still driven by growth, the new economic model does so by putting socio-economic benefits first. Strategies range from reducing less-necessary production, improving public services, introducing a green jobs guarantee, reducing work time to enabling sustainable development, suggest a piece from various authors in <\/span>Nature<\/a><\/span>.<\/span><\/p>\n

Case study: Scotland: <\/span>The country\u2019s recently appointed First Minister Humza Yousaf <\/span>tweeted<\/a><\/span> that the Scottish government\u2019s priorities will include \u201ceradicating child poverty and delivering a wellbeing economy\u201d and put in place the first Cabinet Secretary for Wellbeing Economy, Fair Work and Energy, <\/span>Neil Gray<\/a><\/span>. Under former First Minister Nicola Sturgeon, the Scottish government put out the <\/span>National Strategy for Economic Transformation<\/a><\/span>, in which the next decade of economic policy will follow an overarching objective of building a wellbeing economy.<\/span><\/p>\n

Scotland was a founding member of the Wellbeing Economy Governments partnership<\/span>(<\/span>WEGo<\/a><\/span>)<\/span>, alongside Iceland and New Zealand. Finland, Canada and Wales are recent additions (and many Scandinavian countries are already making similar moves, says <\/span>The National<\/a><\/span>. The partnership aims to \u201cshare expertise and transferrable policy practices to advance [members\u2019] shared ambition of building wellbeing economies\u201d and operates through \u201cpolicy labs\u201d \u2014 forums where government officials can exchange expertise on relevant policy issues. <\/span><\/p>\n

Put into practice:<\/span> Social enterprises and businesses owned by workers, businesses using<\/span> more localized supply chains, ethical banking models that prioritize environmentally friendly investments, and participatory budgeting from governments, are all examples of a Wellbeing Economy in practice, says the <\/span>Scottish Parliament<\/a><\/span>. Advocates of the system suggest investment in the \u201cfour capitals\u201d \u2014 human capital, social capital, financial capital and natural capital, which are needed to enhance human wellbeing now and in the future. <\/span><\/p>\n

How will it be measured?<\/span> Scotland has the <\/span>Wellbeing Economy Monitor<\/a><\/span>, a benchmark against<\/span> which success can be measured; including fewer preventable deaths, a shrinking gender pay gap, higher investment (measured by <\/span>gross fixed capital formation<\/a><\/span> as a percentage of GDP) and reduced greenhouse gas emissions. GDP growth, productivity or average wages are not mentioned. <\/span><\/p>\n

The <\/span>Happy Planet Index<\/a><\/span> measures sustainable <\/span>wellbeing<\/span> on a country-by-country basis<\/span>,<\/span> ranking how efficiently nations deliver \u201clong, happy lives using our limited environmental resources.\u201d The index is <\/span>calculated (pdf)<\/a><\/span> using a given country\u2019s average life expectancy, experienced <\/span>wellbeing<\/span> and ecological footprint, using data collected over a 15-year time period. <\/span><\/p>\n

Egypt has a current score of 43.2, ranking us 86 out of 152 countries.<\/span> We have an average<\/span> life expectancy of 72 years in a population of more than 100 mn, an experienced wellbeing of 4.33 out of 10 and an ecological footprint of 1.67 global <\/span>hectare<\/span> per capita (gha\/p). According to the HPI\u2019s data, Egyptians were happiest in 2007, when our HPI score hit 49.5. Interestingly, in the 15 years of data collection, our ecological footprint has barely wavered, bouncing between 1.74 and 1.93 gha\/p.<\/span><\/p>\n

Calculate your own wellbeing economy:<\/span> The UK Office of Science commissioned the HPI to<\/span> identify what are the key drivers of personal wellbeing, leading to The Five Ways to Wellbeing: Connect, Be Active, Take Notice, Keep Learning, Give. Each is an evidence-based positive action. Based on these key pillars, the HPI developed the <\/span>Five Ways test<\/a><\/span> to determine where individuals\u2019 personal happiness might be falling short. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

As a measurement of social success GDP is outdated and limited, say economists<\/p>\n","protected":false},"author":1,"featured_media":586498,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7250],"tags":[104,633,348,7138,643],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-macro-picture","tag-economy","tag-enterprisepm","tag-gdp","tag-health","tag-macro-picture","wpautop","entry"],"acf":{"mongo_id":"818e75d0-da4b-4323-92dc-44c09a069a0b","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/355.jpg","photo_position":"above","homepage_title":"","full_issue_title":"In a wellbeing economy, a good life doesn\u2019t have to cost the earth","related_issue":[586479],"teaser":"As a measurement of social success GDP is outdated and limited, say economists","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.191c124f-0bf2-4e31-8b7d-010ebdfafaaa.mp3"},"yoast_head":"\nGrowth by all means necessary? 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The global economy is on course to contract by 6% this year but if a second wave hits before the end of the year activity will tank even further, falling\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/137.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568945,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/09\/africa-could-be-transformed-by-the-digital-economy-but-only-if-its-infrastructure-is-strengthened\/","url_meta":{"origin":586497,"position":3},"title":"Africa could be transformed by the digital economy \u2014 but only if its infrastructure is strengthened","author":"enterpriseam admin","date":"9 February 2020","format":false,"excerpt":"African countries could be transformed by the digital economy \u2014 but only they invest in infrastructure: Africa must tackle significant deficits in its digital infrastructure to capitalize on the strong economic prospects that a digital transformation would afford, Vice President of the World Bank for Africa Hafez Ghanem writes, in\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/113.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543023,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/02\/egypt-to-ride-the-recovery-wave-as-world-economy-set-to-surpass-usd-100-tn-in-2022\/","url_meta":{"origin":586497,"position":4},"title":"Egypt to ride the recovery wave as world economy set to surpass USD 100 tn in 2022","author":"enterpriseam admin","date":"2 January 2022","format":false,"excerpt":"Global GDP is set to surpass a record USD 100 tn in 2022, with growth expected to hit 4.2% this year, according to the World Economic League Table (WELT) from the Centre for Economics and Business Research (CEBR). 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