beyond gdp stewart-wallis-nef-22feb-2012
DESCRIPTION
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.TRANSCRIPT
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Beyond GDP
Need for a Great Transition
Stewart WallisExecutive Directornef (the new economics foundation)Email: [email protected]: www.neweconomics.org
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4 ‘U’s of economics
› Unsustainable
› Unfair
› Unstable
› Unhappy
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Myths and Half-Truths
Infinite growth Markets are fair Prices tell the truth Salaries reflect valueMore income equals more happiness
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Goal of a good economy
Achieve high well-being and social justice within fair ecological limits
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Need for a Great Transition
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Key Components
1. Measure the right things
2. Reform finance
3. Stay within environmental limits
4. Reduce inequality
5. Create Good Jobs
6. Move public policy and investment upstream/prevention
7. Reframe the role of markets and companies
8. Rethink work (paid and unpaid) and productivity
9. Build strong local economies
10. Empower people to be economic citizens
Plus:
- Values shift
- Change economics
- Local, National and International
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“What gets measured gets done”
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The Gross National Product measures everything except that which makes life worthwhile.”
Robert Kennedy18th March 1968
“
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Relying on GDP alone would be like driving a car only Relying on GDP alone would be like driving a car only looking at the speedometer…looking at the speedometer…
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But other indicators are necessary to assess the But other indicators are necessary to assess the success of a policy.success of a policy.
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Goal of a good economy
Achieve high well-being and social justice within fair ecological limits
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Flourishing
Functioning well and experiencing good feelings day-to-day and overall
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Personal flourishing
Connect...Be active...Take notice...Keep learning...Give...
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› Unemployment› Inequality› Instability› Environmental pollution› Social fragmentation
› Well-being
External conditions
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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
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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
“
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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
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Changing central dynamic
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Framework for measuring societal progress
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Happy life years and ecological footprint for 143 countries
USA
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Rethinking productivity
Vision of a new economy
Profound consequences for economics