Can a Well-Being Economy Save Us?

Area of Science:

• Environmental economics
• Public policy
• Global health

Background:

• The COVID-19 pandemic highlighted the need for economic policy reform to address global warming, migration, and inequality.
• Existing economic models face a fundamental contradiction between promoting growth and reducing global consumption.
• Progressive health changes occurred, but the core economic dilemma persists.

Discussion:

• Well-being economies, which value human and planetary health, are presented as a viable alternative to degrowth or postgrowth concepts.
• Governments are exploring well-being economy principles, but the pace and scale of adoption are questioned.
• Key challenges include identifying necessary policy actions and overcoming vested interests opposing economic transformation.

Key Insights:

• Well-being economies offer a framework for reconciling economic activity with ecological and social health.
• The transition requires deliberate policy interventions and a strategy to navigate opposition from established economic powers.
• The concept of well-being economies possesses significant potential for civil society mobilization due to its cultural resonance.

Outlook:

• Further research is needed to define concrete policy pathways for implementing well-being economies.
• Success hinges on the ability of governments to enact transformative policies and engage diverse stakeholders.
• The broad appeal of well-being economies suggests a strong potential for grassroots support and activism.