Module 2: Why a wellbeing economy?
Now that we have explored why a transition to a wellbeing economy is needed, let’s turn to the public policy space. What does a wellbeing economy approach have to offer to public policymaking? When the WEAll membership co-created the WEAll Policy Design Guide, several core principles for wellbeing economy policy design were identified, which help to clarify its value-add:
Outcome-oriented and strength-based
Wellbeing economy policy design is outcomes-focused and moves policy thinking beyond a focus on a potential ‘means’, i.e. economic growth, to a focus on the achievement of ‘ends’, i.e. our collective wellbeing. A wellbeing economy approach starts from people’s positive aspirations and builds on the strengths of communities to overcome the challenges along the way.
Policy coherence
Siloed ways of working in which each government body works towards its own set of objectives provide few incentives for one part of government to invest in outcomes that fall under the responsibility of another. A wellbeing economy approach helps to strengthen the alignment between government agencies by identifying a clear set of overarching wellbeing priorities against which joint progress can be assessed.
Preventative
A wellbeing economy policy approach applies a preventative approach and moves governments beyond correcting ‘market failures’ to proactively foster the activities and behaviours that are important for wellbeing.
Evidence-informed
A wellbeing economy approach broadens the evidence base that is used to inform decision-making from a narrow focus on traditional economic outcomes to include social and environmental indicators and analyses. Scanning evidence across social, environmental and economic outcomes helps governments to firmly focus their attention on what matters most.
Participatory and contextual
Economic systems change requires broad-based support and needs to be embedded in local values, culture and context. A wellbeing economy approach helps to strengthen the connections between governments and the communities they serve, building on a positive vision and language of wellbeing that resonates with people from a wide range of backgrounds.
