An Economy of Wellbeing for health equity
Tell me about the Economy of Wellbeing in..
An Economy of Wellbeing for health equity
– Fostering a transition towards healthier, more inclusive, and sustainable societies
Unsustainable economic growth comes at a cost – a social, health and environmental cost. Overconsumption and individualism worsen inequalities, and threaten the health and wellbeing of our planet and communities.
Climate breakdown, the COVID-19 pandemic, the growing burden of non-communicable disease, and rising health inequalities - All show us that societies and economies have reached their tipping point. This impacts our resilience to other crises, such as those caused by war.
Crises are not just confined to one country. They spill over and transcend borders. As our societies strive to rebuild and recover from multiple shocks to the system, we need to set out an alternative vision.
The concept of the 'Economy of Wellbeing' can offer such a vision and approach. It can help a wide range of stakeholders come together in a common strategy for change.
What is an Economy of Wellbeing?
The Economy of Wellbeing is an economic model which benefits people and the planet, and that ensures human dignity and fairness.
It is an economy which “meets the needs of all within the needs of the planet”, as set out in Kate Raworth’s Doughnut Economy Model.
An Economy of Wellbeing strives to go beyond the traditional economic indicators, such as GDP, and integrate wellbeing measures to evaluate the progress of our societies and nations.
What is an Economy of Wellbeing?
The Economy of Wellbeing is an economic model which benefits people and the planet, and which ensures human dignity and fairness.
It is an economy which “meets the needs of all within the needs of the planet”, as set out in Kate Raworth’s Doughnut Economy Model.
An Economy of Wellbeing strives to go beyond the traditional economic indicators, such as GDP, and integrate wellbeing measures to evaluate the progress of our societies and nations.
What is an Economy of Wellbeing?
The Economy of Wellbeing is an economic model which benefits people and the planet, and that ensures human dignity and fairness.
It is an economy which “meets the needs of all within the needs of the planet”, as set out in Kate Raworth’s Doughnut Economy Model.
An Economy of Wellbeing strives to go beyond the traditional economic indicators, such as GDP, and integrate wellbeing measures to evaluate the progress of our societies and nations.
The link between the Economy of Wellbeing, public health and health equity
The Economy of Wellbeing model puts the focus on health and wellbeing-in-all-policies, and reducing environmental, work-related, and economic stressors. This approach strengthens resilience and contributes to better health outcomes and preventing diseases.
Economies that integrate their impact on people and the planet offer a number of opportunities for health. They help prioritise equity and promote social rights and environmental sustainability.
The Economy of Wellbeing can be a guiding compass for government spending priorities and regulatory decisions. It offers a way to measure progress and impacts, whilst helping to overcome siloed spending patterns.
The post-COVID-19 recovery as well as the urgent need for climate action offer a unique momentum for sustainable change. By utilising a whole-of-society approach, and reorienting our economies and societies towards health, sustainability, and equity, the Economy of Wellbeing model can help achieve such change.
The link between the Economy of Wellbeing, public health and health equity
The Economy of Wellbeing model puts the focus on health and wellbeing-in-all-policies and reducing environmental, work-related, and economic stressors. This approach strengthens resilience and contributes to better health outcomes and preventing diseases.
Economies that integrate their impact on people and the planet offer a number of opportunities for health. They help prioritise equity and promote social rights and environmental sustainability.
The Economy of Wellbeing can be a compass for government spending priorities and regulatory decisions. It offers a way to measure progress and impacts and, whilst helping to overcome siloed spending patterns.
The post-COVID-19 recovery as well as the urgent need for climate action offer a unique momentum for sustainable change. By utilising a whole-of-society approach, and reorienting our economies and societies towards health, sustainability, and equity, the Economy of Wellbeing model can help achieve such change.
How do EU policies, tools and programmes enable an Economy of Wellbeing?
There is momentum to promote an Economy of Wellbeing, and there are tools to help. These include
- the European Green Deal
- the European Care Strategy
- the EU Child Guarantee, and
- the European Pillar of Social Rights.
Funds made available through the EU Recovery and Resilience Facility can also be used to improve the resilience and inclusiveness of our societies.
Transitioning to a new European way of life and building a Union of Equality and Diversity that upholds an Economy of Wellbeing will not happen overnight.
Continuous action, advocacy and monitoring will be required to ensure that authorities continue to work on improving wellbeing and sustainable development objectives.
International Approaches
In the international landscape too, change is happening.
- The OECD under the Centre on Well-being, Inclusion, Sustainability and Equal Opportunity (WISE) carries out international benchmarking of country’s well-being performance and has been supporting member countries in designing and applying well-being frameworks in their national context for the past decade.
- The WHO European Office for Investment for Health and Development in Venice has launched an Economics Expert Group to support the implementation of the Economy of Wellbeing Initiative.
- The WHO Geneva Charter calls upon stakeholders to take action and will support decision-makers to adopt the wellbeing approach.
- The Wellbeing Economy Governments partnership (WEGo) is a collaboration of governments who share expertise and policy practices in the aim of advancing a shared ambition of building wellbeing economies
- The Wellbeing Economy Alliance (WeALL), is a collaboration of organisations, alliances, movements, and individuals that works towards a wellbeing economy for humans as well as the environment.
Initiatives such as these are key contributions to the implementation of the UN 2030 Agenda for Sustainable Development.
International Approaches
In the international landscape too, change is happening.
- The OECD advocates for opportunities to promote upward social mobility. It has also developed indicators for economic performance that better portray the wellbeing component.
- The WHO European Office for Investment for Health and Development in Venice has launched an Economics Expert Group to support the implementation of the Economy of Wellbeing Initiative.
- The WHO Geneva Charter calls upon stakeholders to take action and will support decision-makers to adopt the wellbeing approach.
- The Wellbeing Economy Governments partnership (WEGo) is a collaboration of governments who share expertise and policy practices in the aim of advancing a shared ambition of building wellbeing economies.
- The Wellbeing Economy Alliance (WeALL), is a collaboration of organisations, alliances, movements, and individuals that works towards a a better economy for humans as well as the environment.
Initiatives such as these are key contributions to the implementation of the UN 2030 Agenda for Sustainable Development.
Making it happen in European states
Throughout the world, regions and countries are turning principles into action.
Finland
A steering group on the Economy of Wellbeing is responsible for drawing up an action plan to centralise the concept in government processes. It collaborates with Finland’s Advisory Board for Public Health, which also has a dedicated Committee assigned to the Economy of Wellbeing.
Wales
The WHO Collaborating Centre on Investment for Health and Wellbeing works with Public Health Wales and the WHO European Office for Investment for Health and Development to take joint action to help mitigate the harms of the COVID-19 pandemic and take forward opportunities to build an Economy of Wellbeing.
Ireland
The Irish government is developing a Wellbeing Framework to facilitate more coordinated policymaking. The framework will consider environmental, societal, and relational progress, in conjunction with economic factors, whilst specifically focusing on outcomes, intergenerational issues and inequalities.
Making it happen in European states
Throughout the world, regions and countries are turning principles into action.
Finland
A steering group on the Economy of Wellbeing is responsible for drawing up an action plan to centralise the concept in government processes. It collaborates with Finland’s Advisory Board for Public Health, which also has a dedicated Committee assigned to the Economy of Wellbeing.
Wales
The WHO Collaborating Centre on Investment for Health and Wellbeing works with Public Health Wales and the WHO European Office for Investment for Health and Development to take joint action to help mitigate the harms of the COVID-19 pandemic and take forward opportunities to build an Economy of Wellbeing.
Ireland
The Irish government is developing a Wellbeing Framework to facilitate more coordinated policymaking. The framework will consider environmental, societal, and relational progress, in conjunction with economic factors, whilst specifically focusing on outcomes, intergenerational issues and inequalities.
Making it happen in European states
Throughout the world, regions and countries are turning principles into action.
Finland
A steering group on the Economy of Wellbeing is responsible for drawing up an action plan to centralise the concept in government processes. It collaborates with Finland’s Advisory Board for Public Health, which also has a dedicated Committee assigned to the Economy of Wellbeing.
Wales
The WHO Collaborating Centre on Investment for Health and Wellbeing works with Public Health Wales and the WHO European Office for Investment for Health and Development to take joint action to help mitigate the harms of the COVID-19 pandemic and take forward opportunities to build an Economy of Wellbeing.
Ireland
The Irish government is developing a Wellbeing Framework to facilitate more coordinated policymaking. The framework will consider environmental, societal, and relational progress, in conjunction with economic factors, whilst specifically focusing on outcomes, intergenerational issues and inequalities.
Pathways to Progress
To embed the Economy of Wellbeing within policies and systems, we should
- develop governing tools that promote a transformation in systems-thinking.
- encourage participatory and inclusive governance.
- build a stronger investment case for public health through the wellbeing agenda.
- foster an environment of leadership, responsibility and accountability in the transition towards an Economy of Wellbeing.
- streamline the Economy of Wellbeing through the European Semester and the Annual Sustainable Growth processes. We need to publicly track the EU and national transition to a wellbeing economy.
Pathways to Progress
To embed the Economy of Wellbeing within policies and systems, we should
- develop governing tools that promote a transformation in systems-thinking.
- encourage participatory and inclusive governance.
- build a stronger investment case for public health through the wellbeing agenda.
- foster an environment of leadership, responsibility and accountability in the transition towards an Economy of Wellbeing.
- streamline the Economy of Wellbeing through the European Semester and the Annual Sustainable Growth processes. We need to publicly track the EU and national transition to a wellbeing economy.
Translations available
Translations Available
Related resources
Creating an impactful and sustainable Wellbeing Economy for better public health - A joint report with the Institute of Public Health in Ireland
Strengthening the European Semester to Achieve Economies of Wellbeing - Academic article
How to achieve an Economy of Wellbeing with the support of the European Semester? - EuroHealthNet Policy Paper
