FAQ

Well-being means different things to different people. At its core, a well-being economy is one that centres on people and the planet. It would aim to deliver an equitable distribution of wealth, health and well-being, while also respecting the planet’s limits and protecting its resources for future generations. It allows humanity to determine economics, rather than the other way around.

Several countries are already leading the way toward well-being economies, including Iceland, Scotland, New Zealand and Bhutan. But well-being economies don’t only happen on the national scale. They can be built from the ground up and are already taking shape here at home. Co-operatives and credit unions are just two models that are shifting the balance of power in today’s economy. 

The question we should ask is, “Why don’t we?” Today’s growth-at-all-costs economic model has failed all but a very small group of ultra-rich around the world. More people than ever are unhappy and struggling to make ends meet. Meanwhile, the planet is in the midst of a biodiversity and climate crisis. As the world recovers from the COVID-19 pandemic, there is no better time to transition to a world – and economic system – that we want.

The idea of a well-being economy is not new. It appears in various forms in different religions and in the traditional practices and knowledge of Indigenous Peoples. Many people who came before us recognized the value in working together to improve everyone’s lot in life. It’s time we listened and learned from them.

For the first time, Canada’s government introduced a Quality of Life Framework that recognized the “importance of thinking beyond GDP”. It introduced three objectives, including quality of life, Equality and sustainability, based on what it determined matters most to Canadians: “prosperity, health, environment, social cohesion and good governance.  It’s a significant start, and there are more examples, but we still have a long way to go to transition to a well-being economy.

Well-being economies are not anti-capitalist. They can have markets like we have today. The difference will be in the balance of power and ownership over economic activities. For instance, a well-being economy might have more co-operative business models and collaborative management of common resources. Business leaders around the world are joining the well-being movement because they see the potential for a happier, healthier people on a safer planet.

Gross domestic product measures the financial value of the goods and services a society produces but is unable to tell if that value improves the quality of our lives. That’s why the countries with the highest GDP values also have some of the widest gaps in wealth and are contributing most to the degradation of nature. GDP doesn’t measure what actually matters to our well-being. For instance, when there’s a climate change amplified weather event like a hurricane, wildlife or flood, the ensuing reconstruction work will boost GDP. But what about all the devastation that people suffered? Where does that factor in? GDP is an out-of-date measure that can only track a sliver of what an economy should be about. It’s time for an upgrade!

A well-being economy is supportive of businesses that support people and the planet. Instead of businesses that pursue short-term profit, often at the expense of their workers and the environment, a well-being economy would shift how businesses operate. Many businesses are already leading the transformation to more responsible, ethical and well-being-oriented practices because they realize that doing the right thing is good for business.

The rules of the current economic game were created by a few hundred men after the Second World War. What’s to stop us from changing the rules again? It’s possible, but that’s not to say it will be easy. It will require strong will and determination at all levels of society. Governments will need to make the legal changes necessary to support the transition. Businesses will need to shift their focus from profit to well-being. People will need to support those businesses that are taking the first steps. It’s up to us all to make it happen. 

Well-being economies may look different in different places. There is no “one size fits all” when it comes to creating them. However, well-being economies will share certain characteristics. They are designed with purpose (to grow well-being), and to be regenerative, fair, redistributive, secure and collaborative.

Visiting this page is a good first step! Make sure you subscribe to the WEAll Can email list so you can find out about events and opportunities to get involved. Beyond that, you can talk to your family and friends about it, vote for parties that support well-being economies, support socially responsible businesses, volunteer for organizations working on the cause, and more. Visit our Tools page for more ways to take part.