Overcoming the myths of mainstream economics to enable a newwellbeing economy

Increasingly, empirical evidence refutes many of the theoretical pillars of mainstream economics. These theories have persisted despite the fact that they support unsustainable and undesirable environmental, social, and economic outcomes. Continuing to embrace them puts at risk the possibility of achieving the Sustainable Development Goals and overcoming other global challenges. We discuss a selection of paradoxes and delusions surrounding mainstream economic theories related to: (1) efficiency and resource use, (2) wealth and wellbeing, (3) economic growth, and (4) the distribution of wealth within and between rich and poor nations. We describe a wellbeing economy as an alternative for guiding policy development. In 2018, a network of Wellbeing Economy Governments (WEGo), (supported by, but distinct from, the larger Wellbeing Economy Alliance-WEAll) promoting new forms of governance that diverge from the ones on which the G7 and G20 are based, has been launched and is now a living project. Members of WEGo aim at advancing the three key principles of a wellbeing economy: Live within planetary ecological boundaries, ensure equitable distribution of wealth and opportunity, and efficiently allocate resources (including environmental and social public goods), bringing wellbeing to the heart of policymaking, and in particular economic policymaking. This network has potential to fundamentally re-shape current global leadership still anchored to old economic paradigms that give primacy to economic growth over environmental and social wealth and wellbeing

Investing in Nature to Transform the Post COVID-19 Economy: A 10-point Action Plan to create a circular bioeconomy devoted to sustainable wellbeing

In the last 50 years, the biosphere, upon which humanity depends, has been altered to an unparalleled degree[i]. The current economic model relying on fossil resources and addicted to “growth at all costs” is putting at risk not only life on our planet, but also the world’s economy. The need to react to the unprecedented COVID-19 crisis is a unique opportunity to transition towards a sustainable wellbeing economy centered around people and nature[ii]. After all, deforestation, biodiversity loss and landscape fragmentation have been identified as key processes enabling direct transmission of zoonotic infectious diseases[iii]. Likewise, a changing climate has profound implications for human health3. Putting forward a new economic model requires transformative policies, purposeful innovation, access to finance, risk-taking capacity as well as new and sustainable business models and markets. But above all we need to address the past failure of our economy to value nature, because our health and wellbeing fundamentally depends on it. A circular bioeconomy[iv] (see Figure 1) offers a conceptual framework for using renewable natural capital to holistically transform and manage our land, food, health and industrial systems with the goal of achieving sustainable wellbeing in harmony with nature. Within the framework of the Sustainable Markets Initiative (https://www.sustainable-markets.org/), under the leadership of His Royal Highness The Prince of Wales, a 10-Point Action Plan to create a circular bioeconomy is proposed below. The Action Plan is a response to The Prince of Wales’ call to invest in nature as the true engine for our economy. The Action Plan, guided by new scientific insights and breakthrough technologies, is articulated around six transformative action points further discussed below and four enabling action points (described in Table 1), which mutually reinforce each other

Different roads? Evidence about the changing provision of English social housing

<p>Purpose – The purpose of this paper is to contextualise and assess “controlled” evidence about emerging plural provision of social housing within an English region.</p> <p>Design/methodology/approach – Two matching pairs of case study social housing provider type (stock transfer associations and arm's-length management organisations), all established between four and seven years previously and all located within the same region, are compared and contrasted through rich qualitative interviews with stakeholders, backed by secondary and other documentary evidence.</p> <p>Findings – The new models have led to considerable change for both staff and tenants across many dimensions, mainly positive, in service delivery terms. It is also apparent that regulation and inspection have a dominant impact on social providers. It can be inferred from the evidence that a key challenge for the future is the lack of a clear, long-term vision for social housing at the national policy level.</p> <p>Originality/value – The paper is a rare empirical examination of wide-ranging change to social housing in the UK. It is also unusual in its attempt to construct a quasi-experimental series of case studies.</p&gt

Wellbeing economy: An effective paradigm to mainstream post-growth policies?

The concept of ‘wellbeing economy’ (WE), that is, an economy that pursues human and ecological wellbeing instead of material growth, is gaining support amongst policymakers, business, and civil society. Over the past couple of years, several national governments have adopted the WE as their guiding framework to design development policies and assess social and economic progress. While it shares a number of basic principles with various post-growth conceptualisations, the WE's language and concepts tend to be more adaptable to different social and economic contexts, thus penetrating into policy processes and connecting to a variety of cultural traits, not only in advanced economies but also in less industrialised nations. In this paper, we describe the key features of the WE, including its approach to key concepts like work, productivity and technology and several examples of its policy impact. We conclude by positing that the WE framework may be one of the most effective bases to mainstream post-growth policies at the national and global level

Wellbeing Economics for the COVID-19 recovery: Ten principles to build back better

The COVID-19 pandemic is having devastating effects on vulnerable communities around the world but we are also seeing glimpses of hope, where societies are working to “build back better” by ensuring basic needs and protecting our natural environment. In this briefing paper, we outline a set of ten principles for “building back better” toward a wellbeing economy. We showcase examples of inspiring actions around the world that are moving us towards a wellbeing economy, along with examples of actions that are moving us away from this vision

Investing in Nature as the true engine of our economy: A 10-point Action Plan for a Circular Bioeconomy of Wellbeing

The 10-Point Action Plan to catalyse a Circular Bioeconomy of Wellbeing is a call for collective and integrated action to global leaders, investors, companies, scientists, governments, nongovernmental and intergovernmental organisations, funding agencies and society at large to put the world on a sustainable path