Wellbeing, choice and sustainability: What should economic policy target in a new era economy?
Article
The causal links between GDP growth and income, and between income and wellbeing and opportunity, have broken down. As a result, policy should now focus directly on the wellbeing and choice of current and future generations. Rather than being directed at maximising GDP, policy should seek the highest level of wellbeing and choice for the current population that is compatible with offering at least the same level of wellbeing and choice to future generations.
Dethroning growth from the central role in policymaking is not the same as arguing for no growth. Increased GDP and income can play an important role in laying the foundations of wellbeing: infrastructure, health and education. It can also help to ensure sustainability through the generation of funds for investment in green technologies. GDP growth would become one of many indicators that might contribute to sustainable worthwhile lives - in the right form, under the right circumstances.
What is needed now is a clear political consensus around wellbeing, choice and sustainability as the primary goals of the economy and society and the creation of a system of governance that promotes them.
Related items

Great expectations: Rejuvenating the national debate in Scotland
Fresh IPPR Scotland polling shows that politicians must raise their game if next year’s election is a to be serious debate about the challenges facing Scotland and potential solutions.
Unfinished business: Redressing inequality in British policy and Black lives
As conversations about race and equality continue to evolve, Black History Month remains a powerful invitation to pause, reflect, and recommit to progress.
Breaking the cycle: A blueprint for special educational needs and disability (SEND) reform
The education system is not working well enough for children with special educational needs and disabilities (SEND), their families, or the professionals delivering support.