Module 1: What is a wellbeing economy?
Bringing concepts together
There are many concepts that speak to repurposing and redesigning the economy. The idea of a wellbeing economy is not to compete with any of these concepts, but rather to bring them together. Concepts that have been put forward to describe the needed economic transformation include, but certainly are not limited to:
The need for economic systems change also features clearly in many disciplines, such as the long-standing work on the socio-economic and commercial determinants of health [1] [2], inequalities [3], and sustainable development [4].
Each of these concepts and fields of work have their own emphasis, applicability for certain contexts, and resonance with different audiences. The wellbeing economy is not about adding to that suite and certainly not about replacing or competing with any of these concepts.
Instead, it aims to show the plurality of ideas for economic systems change and to emphasise the core tenets that these concepts and visions have in common. You can think of the wellbeing economy as a picnic blanket: sitting underneath (rather than alongside) the concepts it supports and connects, and illustrating how, given their common vision, they add up to a compelling agenda for change.
The wellbeing economy picnic blanket
Watch this short video of Katherine Trebeck, who coined the idea of the wellbeing economy picnic blanket, to hear her explain it:
References
[1] Mialon, M. An overview of the commercial determinants of health. Global Health 16, 74 (2020). https://doi.org/10.1186/s12992-020-00607-x
[2] Maani, N., Petticrew, M. & Galea, S. (2023). The Commercial Determinants of Health. New York: Oxford University Press.
[3] Wilkinson, R. D., & Pickett, K. (2009). The spirit level: Why more equal societies almost always do better. Allen Lane/Penguin Group UK; Bloomsbury Publishing.
[4] UN Economists Network (2023). New Economics for Sustainable Development: Setting a Path Towards New Economics for Sustainable Development: An overview, https://www.un.org/en/desa/unen/policy-briefs