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Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
Beyond GDP Stewart-Wallis-nef-22feb-2012
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Beyond GDP Stewart-Wallis-nef-22feb-2012

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A presentation by Mr Stewart Wallis, head of New Economic Foundation, held at a seminar with think tank Global Utmaning and the Swedish green party, February 22nd 2012.

A presentation by Mr Stewart Wallis, head of New Economic Foundation, held at a seminar with think tank Global Utmaning and the Swedish green party, February 22nd 2012.

Published in: Technology, Economy & Finance
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  • 1. Beyond GDP Need for a Great Transition Stewart Wallis Executive Director nef (the new economics foundation) Email: [email_address] Web: www.neweconomics.org
  • 2. 4 ‘U’s of economics <ul><li>Unsustainable </li></ul><ul><li>Unfair </li></ul><ul><li>Unstable </li></ul><ul><li>Unhappy </li></ul>
  • 3. Myths and Half-Truths <ul><li>Infinite growth </li></ul><ul><li>Markets are fair </li></ul><ul><li>Prices tell the truth </li></ul><ul><li>Salaries reflect value </li></ul><ul><li>More income equals more happiness </li></ul>
  • 4. Goal of a good economy Achieve high well-being and social justice within fair ecological limits
  • 5. Need for a Great Transition
  • 6. Key Components <ul><li>Measure the right things </li></ul><ul><li>Reform finance </li></ul><ul><li>Stay within environmental limits </li></ul><ul><li>Reduce inequality </li></ul><ul><li>Create Good Jobs </li></ul><ul><li>Move public policy and investment upstream/prevention </li></ul><ul><li>Reframe the role of markets and companies </li></ul><ul><li>8. Rethink work (paid and unpaid) and productivity </li></ul><ul><li>Build strong local economies </li></ul><ul><li>Empower people to be economic citizens </li></ul><ul><li>Plus : </li></ul><ul><li>Values shift </li></ul><ul><li>Change economics </li></ul><ul><li>Local, National and International </li></ul>
  • 7. “ What gets measured gets done”
  • 8. The Gross National Product measures everything except that which makes life worthwhile.” Robert Kennedy 18th March 1968 “
  • 9. Relying on GDP alone would be like driving a car only looking at the speedometer…
  • 10. But other indicators are necessary to assess the success of a policy.
  • 11. Goal of a good economy Achieve high well-being and social justice within fair ecological limits
  • 12. Flourishing <ul><ul><li>Functioning well and experiencing good </li></ul></ul><ul><ul><li>feelings day-to-day and overall </li></ul></ul>
  • 13.  
  • 14. Personal flourishing Connect... Be active... Take notice... Keep learning... Give...
  • 15. <ul><li>Unemployment </li></ul><ul><li>Inequality </li></ul><ul><li>Instability </li></ul><ul><li>Environmental pollution </li></ul><ul><li>Social fragmentation </li></ul><ul><li>Well-being </li></ul>External conditions
  • 16. UK Government measuring well-being as a headline indicator <ul><li>National Accounts of Well-being </li></ul><ul><li>Measuring our progress </li></ul><ul><li>Office for National Statistics </li></ul><ul><li>Civil Service Commitment </li></ul><ul><li>Australia and other Governments </li></ul><ul><li>10 years from now </li></ul>
  • 17. 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 “
  • 18. Implications for policy <ul><li>Satisfaction with specific services – impact of ‘respect and dignity’ </li></ul><ul><li>Calculations of utility, e.g. sport, green spaces </li></ul><ul><li>Income and wealth distribution </li></ul><ul><li>Informing life choices, e.g. higher education </li></ul><ul><li>Valuing opportunities for social interaction </li></ul><ul><li>Planning policy </li></ul><ul><li>Volunteering and reciprocity, e.g. complementary currencies, Time Banks </li></ul><ul><li>Parenting and schooling </li></ul><ul><li>Refining tax-benefits </li></ul><ul><li>Work location </li></ul><ul><li>Well-being at work </li></ul>
  • 19. <ul><li>Changing central dynamic </li></ul>
  • 20. Framework for measuring societal progress
  • 21. Happy life years and ecological footprint for 143 countries USA
  • 22. <ul><li>Rethinking productivity </li></ul><ul><li>Vision of a new economy </li></ul>Profound consequences for economics
  • 23. STEWART WALLIS nef (the new economics foundation) www.neweconomics.org

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