A reimagined economic system: Wellbeing Economies for healthier, sustainable and equitable societies
New report helps health sector realise Wellbeing Economies
In our current system, the success of our economies and societies is measured through economic growth, without regards of the costs to health and the environment. The Wellbeing Economy model aims to put the economy at the service of what should be our ultimate objective: our wellbeing and that of the planet.
A new report, created by EuroHealthNet and the Institute of Public Health in Ireland, helps decision-makers implement and measure the impact of Wellbeing Economies, from the perspective of the health sector. While the report’s specific aim is to inform the governments of Ireland and Northern-Ireland, it provides expertise and practical examples which are useful for policymakers across Europe.
The transformative approach of the Wellbeing Economy moves the focus away from an economic system that is structurally dependent on GDP growth. Instead, it values human health, environmental sustainability, social equity, and wellbeing as core indicators of success. Policies and legislation are assessed on their impact on and potential to improve wellbeing. This creates a virtuous circle, where improved wellbeing increases economic benefits and vice versa.
“Putting the health and wellbeing of our people and planet at the core of all policy and legislation can not only safeguard our futures but also secure a healthier, more sustainable, and more equitable society. It requires policymakers, communities, and industries to work together to shape economies that serve the wellbeing of all.”
Suzanne Costello,
President at EuroHealthNet and CEO of the Institute of Public Health Ireland
The report explains and sets out concrete steps to measure a Wellbeing Economy’s impact and benefits, and how to implement them and overcome challenges along the way. A dedicated section explores the Economy of Wellbeing as an instrument to improve public health, and sets out recommendations for action by the health sector. The guidelines are illustrated with examples of how Wellbeing Economies are implemented in the United Kingdom and globally.
“A Wellbeing Economy represents an ambitious but necessary reimagining of our systems, aligning them with the values of health, sustainability, and fairness. By focusing on healthy people on a healthy planet, governments can build a future that is prosperous, resilient, and inclusive, within planetary boundaries.”
Hannes Jarke
Project Coordinator – Mental Health Policy at EuroHealthNet
Take aways from the Wellbeing Economy Forum
The report is released hot on the heels of last week’s second Wellbeing Economy Forum in Iceland. Advocates from across civil society, national, regional and local governments and businesses as well as youth representatives came together to exchange on how they are implementing the Wellbeing Economy, and on how to accelerate change.
Common themes reflected that moving towards a Wellbeing Economy will require
- Changing the popular discourse of what constitutes success in our societies.
- Designing governments and organisations driven by the purpose of wellbeing.
- Creating clear, common definitions of what wellbeing means and to ‘measure what we treasure, rather than treasure what we measure'.
- Focusing more on inequity and addressing underlying causes in our societies.
Read our Policy Précis: An Economy of Wellbeing for health equity
Read our academic paper and our policy paper on the Wellbeing Economy and the European Semester.
