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DESIGNING PUBLIC POLICY
Defining measurable goals for society is an important part of establishing a wellbeing economy. It is often said,
“You manage what you measure”.
If solely financial metrics continue to define the success of our nations, optimising for financial metrics will be the focus of government policies.
Our ultimate aim is to replace Gross Domestic Product (GDP) as the “key performance indicator” and instead adopt metrics that measure,
more truly, how much we’ve advanced in terms of quality of life, sustainability and equity.
WEGo Partnership
WEGo is a government partnership in which member countries work together to exchange expertise and best practices for building a wellbeing economy.
The initiative was formally launched at the OECD’s World Forum in Incheon, South Korea, in 2018, and currently comprises the Governments of Scotland, Iceland, New Zealand, Wales and Finland. WEAll continuously supports WEGo with knowledge and evidence bases.
Building Blocks for a Wellbeing Economy
While the policy framework will be very different in different social contexts and geographies, a Wellbeing Economy will need to be designed around the following five building blocks:
Economic security for all
Environmental protection and regeneration
Real value creation (Positive recognition, incentives and reward for activities creating real value for society (whether monetised or not) and disincentives for real value-destroying activities)
Just and fair society founded on predistribution
Healthy democracies and communities (Participatory and deliberative democratic systems combined with democratic economic management)