The document emphasizes the need to move beyond GDP as a measure of economic success, advocating for metrics that reflect well-being, social justice, and ecological sustainability. It calls for a great transition involving reforms in finance, inequality reduction, and the reevaluation of work and productivity. Key themes include the importance of local economies, economic citizenship, and a shift in values to achieve a more fulfilling and equitable society.

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 Unsustainable Unfair Unstable Unhappy

3. Myths and Half-Truths Infinite growth Markets are fair Prices tell the truth Salaries reflect value More income equals more happiness

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 Measure the right things Reform finance Stay within environmental limits Reduce inequality Create Good Jobs Move public policy and investment upstream/prevention Reframe the role of markets and companies 8. Rethink work (paid and unpaid) and productivity Build strong local economies Empower people to be economic citizens Plus : Values shift Change economics Local, National and International

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 Functioning well and experiencing good feelings day-to-day and overall

14. Personal flourishing Connect... Be active... Take notice... Keep learning... Give...

15. Unemployment Inequality Instability Environmental pollution Social fragmentation Well-being External conditions

16. 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

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 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

19. Changing central dynamic

20. Framework for measuring societal progress

21. Happy life years and ecological footprint for 143 countries USA

22. Rethinking productivity Vision of a new economy Profound consequences for economics

23. STEWART WALLIS nef (the new economics foundation) www.neweconomics.org