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

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 party

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

  1. 1. Beyond GDP Need for a Great Transition Stewart Wallis Executive Director nef (the new economics foundation) Email: [email_address] Web:
  2. 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. 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. 4. Goal of a good economy Achieve high well-being and social justice within fair ecological limits
  5. 5. Need for a Great Transition
  6. 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. 7. “ What gets measured gets done”
  8. 8. The Gross National Product measures everything except that which makes life worthwhile.” Robert Kennedy 18th March 1968 “
  9. 9. Relying on GDP alone would be like driving a car only looking at the speedometer…
  10. 10. But other indicators are necessary to assess the success of a policy.
  11. 11. Goal of a good economy Achieve high well-being and social justice within fair ecological limits
  12. 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...
  14. 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
  15. 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>
  16. 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 “
  17. 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>
  18. 19. <ul><li>Changing central dynamic </li></ul>
  19. 20. Framework for measuring societal progress
  20. 21. Happy life years and ecological footprint for 143 countries USA
  21. 22. <ul><li>Rethinking productivity </li></ul><ul><li>Vision of a new economy </li></ul>Profound consequences for economics
  22. 23. STEWART WALLIS nef (the new economics foundation)