The Wellbeing Economy in Brief #1: Authors’ Introduction

Overview

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The Wellbeing Economy in Brief #1: Authors’ Introduction is the first part of a 10-part series of mini briefing papers that look at the idea of a wellbeing economy, how it relates to other ideas for economic change, and what some of the core elements of a wellbeing economy are.

The series of papers reflect on why Australia needs to build a wellbeing economy, and attempts to clarify terms and expressions and associated wellbeing economy ideas so that discussions can take place from a basis of shared understanding and language.

Author's note to this series

The term ‘wellbeing economy’ is being used with increasing frequency in Australia: from increased media coverage and a suite of civil society organisations supporting the concept, to government talk of a wellbeing budget at the federal level, and state and territory governments exploring their own wellbeing frameworks.

Yet, with the emergence of the term has come some confusion regarding what a wellbeing economy actually entails; how it pertains to government; and whether it is the same as – almost a synonym – for other phrases that speak to a different economy than the one we currently have.

This series of ‘mini-briefings’ attempts to clarify terms and expressions and associated wellbeing economy ideas so that discussions can take place from a basis of shared understanding and language. It is not about laying out priority advocacy ‘asks’ that the Centre for Policy Development (or anyone else) might pursue: they are a matter for subsequent papers.

The mini-briefings look at the idea of a wellbeing economy, how it relates to other ideas for economic change, and what some of the core elements of a wellbeing economy are. They reflect on why Australia needs to build a wellbeing economy.

There will be an array of questions – political, technical, and economic – that arise in the process of building a wellbeing economy in Australia, some of them impossible to predict, let alone answer now. Different jurisdictions will need to deliberate about what concepts such as ‘fair distribution’ and ‘dignity’ mean to them.

The various layers of government in Australia need to consider the levers they are respectively able to utilise to shape the economy and how they can work together to reinforce positive actions, generate multiple benefits, and contribute to holistic change. Ripple effects that arise because success cannot be achieved in a vacuum will need to be navigated, transition plans developed, and appropriate sequencing of changes mapped and set up.

For example, true cost accounting will likely raise the prices of food and other goods and services that people depend upon, necessitating that those who might struggle with increased costs are supported (in addition to addressing low income for its own sake). Increased prices will also likely impact international competitiveness in some industries, shifting the balance of imports and exports, which in turn will impact businesses and those who depend on them.

No one has all the answers to these questions. Fortunately, there are people working on the various component parts of a wellbeing economy, experimenting and researching what works, and identifying critical enabling conditions for success. Major projects are weaving together this knowledge, modelling and scenario planning how the sum of the parts add up, and thus starting to chart a map for implementation. These projects include:

It is worth pausing to remark on the scope of the series as it is something we struggled with throughout the writing and review process. We began by wanting to lay out the vision of a wellbeing economy for allies and potential allies. The intention was for a short primer that noted some key elements of the concept and noted the distinction between the wellbeing economy idea and wellbeing approaches and also how it relates to other ideas for economic system change.

In the process of writing it we encountered perspectives that spurred us to lay out the nature of structural and perceived drivers of economic growth and the extent to which Gross Domestic Product influences policy making and dialogue about the economy and Australia’s success writ large. This exercise took on a life of its own, not least as we then felt compelled to outline (even if in briefest way) the way in which a wellbeing economy would respond to and attend to some of these drivers. As this element of the paper became more substantial we began to feel it warranted its own output – that will be forthcoming in due course.

We have also felt a tension between keeping the output succinct and bound by its original intention on the one hand and on the other the desire by some readers to have us include analysis or at least description of the challenges borne of today’s economic system. Over various drafts we have oscillated in our emphasis in this: between putting forth the problems that the wellbeing economy is in response to and focusing on the wellbeing economy vision itself. Inevitably we will have erred too far either way for some readers.

The wellbeing economy agenda is not just about finding adequate responses to existential crises we are facing. It is about embracing the real opportunities the knowledge, ideas, and technology of the twenty-first century offer to create ways of working and living that are a marked improvement on today’s offering.

In presenting the basics here, the invitation is for various groups to work to promote some of the pieces of the jigsaw puzzle we outline, following their areas of interest and sphere of influence. Change happens through a combination of big ideas that are compelling and convincing and incremental steps to get there. In taking those steps, each group will gravitate to certain corners of the jigsaw puzzle (Purpose, Prevention, Predistribution, and People Powered) and certain pieces as appropriate given their experience and expertise.

For example, CPD has a substantial programme on how governments can incorporate wellbeing approaches and more holistic policy analysis (Purpose); policy recommendations for how to ensure young people get the best start in life (Prevention); its Resilient People and Places team has developed place and person centred service delivery (People Powered); and the Sustainable Economy programme has developed clear climate accountability recommendations for publicly listed companies (Predistribution).

Acknowledgements

The authors are grateful to the input and advice from colleagues who contributed to this series in various ways: Diane Bowles, Mark Burford, Margreet Frieling, Cressida Gaukroger, Andrew Hudson, Amanda Janoo, Esther Koh, Layne Kullrich, Caitlin McCaffrie, Toby Phillips, Dirk Philipsen, Kristín Vala Ragnarsdóttir, and Lachlan Williams.

About the Wellbeing Economy in Brief Series

These mini-briefings look at the idea of a wellbeing economy, how it relates to other ideas for economic change, and what some of the core elements of a wellbeing economy are. They reflect on why Australia needs to build a wellbeing economy.

This series of ‘mini-briefings’ attempts to clarify terms and expressions and associated wellbeing economy ideas so that discussions can take place from a basis of shared understanding and language.

Read the rest of the series

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