We must reconsider the status quo to address today’s social, economic and environmental threats. Governments and other companies around the globe must implement new approaches and participate actively in system innovation, in order to make meaningful progress towards a healthy, stable world.
We need an economic framework that tackles social and environmental issues in a preventive manner to ensure that the related problems listed above do not arise or are much worse. Fortunately, the wheels are beginning to spin now. In a way that requires well being and development, certain countries extend their measure of economic performance.
A well-being economy gives people fair chances for growth, a sense of social integration, and sustainability of which leads to social fortitude, more significantly, encourages and promotes peace with the natural environment. It aims primarily to serve individuals and communities and provides a promising route to greater social good and well-being in the community.
Economic growth constraints
Demand for materials and technology drives the environmental effects. Now it is clear that it is difficult for the world to sustain existing or greater populations unless developing countries use the same amount of capital and energy as developed nations.
Demand may be decreased through increasing productivity, but such improvements are more likely to be reinvest in growth and use than to reduce their impacts. This aims to minimise the consumption of a nation to an equitable share of resources available. In turn, this will improve productivity, technical advancement and recycling, minimising waste. In other words, a future economy would need far less resource intensive production and consumption, almost certainly leading to lower GDP. Obviously, improvements can be made in other areas, such as increased play time and community participation.
Promoting a balanced economy
The aim of a wellness economy is to provide a higher quality of life while safeguarding the resources and climate of the earth for coming generations. Development of a wellness economy implies that intangible interactions and natural resources are observable values. Government policies that ensure financial capacity and expertise, access to secure, accessible financial instruments and economic services and income-generating opportunities will achieve economic well-being for individuals, families and communities. It takes place in an economic justice world in which labour markets offer opportunities for safe full jobs with fair wages and benefits to all.
Many countries are leading the way in adopting economic concepts of well-being. Bhutan, the first country to create the Gross National Happiness Index in 2008, is the most famous example. This approach is used by the government to advise policy. This would possibly contribute to better governance, environmental protection, preservation and promotion of culture, and socio-economic growth that is equitable and egalitarian.
Collective well-being change
Some governments go beyond the types of individual policies and practises mentioned above and pursue a holistic decision-making approach to the growth of well-being economies. This is evident in national policies which mandate cooperation among government agencies and government agencies, put well-being at the centre of capital budgeting and implement prosperity indicators other than GDP. These wider programmes are essential to economic policymaking and enable policymakers to develop priorities and goals that clearly focus on promoting quality of life.
The best possible outcome for a country’s human development and well-being is, then, the combination of economic development and increased inequality. To see that this is the mechanism by which the pie is enlarged, consider the economic development. If only a tiny amount of people can enjoy this extra cake, then their own well-being will increase, but the well-being of the country in its entirety does not increase.
By reinterpreting the agenda, business and society’s priorities and aspirations, countries will turn the conventional economic growth-oriented economy into a stable, productive environment that produces and supports it. As the above examples demonstrate, politicians play an important role. Authorities must open up new ways to think and promise widespread innovation schemes, using the ideals of a well-being economy to lead the way.