Wellbeing Economies
Published: 15 November 2021
Understanding the relationships between different economic models and health, social, equity and ecological outcomes, and how to best redesign the economy to respond to today’s challenges, represents a key challenge for academia.
By Dr Gerard McCartney
The globe is facing a series of inter-related and profound challenges. Climate change and ecological loss poses an existential threat and requires a radical and urgent change in economies. Life expectancy trends across many high income countries, including Scotland, have stalled since 2012, with mortality rising for those living in the most deprived areas (see ScotPHO). Social and economic inequalities are as wide now as they were in the 1920s. Arguably these challenges have arisen because of the design of the current dominant economic system.
Wellbeing economies have been proposed as a response to these challenges. Wellbeing economies are those designed to be put in service of social, ecological and health outcomes. This is in contrast to the current approach which puts economic growth as the prime objective. Wellbeing economies are also designed to avoid so-called ‘Failure Demand’, where public services are tasked with dealing with the unintended, but inevitable, problems of the current system.
Understanding the relationships between different economic models and health, social, equity and ecological outcomes, and how to best redesign the economy to respond to today’s challenges, represents a key challenge for academia. The research questions require broad interdisciplinary expertise to be brought to bear. To understand the opportunities for change, a deep engagement with policymakers, civic society and communities is needed. There is a need to teach current and new generations the approaches that can meet the challenges of the 21st Century.
At present wellbeing economies can be something of an abstract idea, although the Wellbeing Economy Alliance (WE-All) have published a wealth of materials to support an economic transition (see https://weall.org/).
Over the coming months I will be working with colleagues to design and implement a strategy for our academic contribution in this area. I’d welcome conversations with colleagues who have shared interests and who are interested in collaboration.
First published: 15 November 2021