In this instalment of the New Economy Journal, our contributors provide insight into the policy approaches and underpinning economic thinking which will guide our transition to a wellbeing economy. This issue highlights existing policies and explores possibilities for the future. Gareth Hughes, country lead for the Aotearoa New Zealand Wellbeing Economy Alliance, shares the successes and challenges faced by New Zealand in implementing its own wellbeing approach to economic policy. Brandon Gordon argues that it is time to rethink our approach to economic modelling, calling for a shift from the rational, economic man which is central to thinking about how people engage with the economy. He suggests it is time to reframe this central decision maker as a ‘social, adaptable human’. Kevin Cox highlights the importance of localised, community-based policies which distribute wealth more equally in our society in improving the wellbeing of Canberrans. Ted Trainer argues that while the current government’s commitment to values capitalism may be a step in the right direction, it is not enough to save us from the destruction and inequality associated with our current economic system. Finally, Min Seto from the Australian Social Value Bank (ASVB) explains how ASVB’s valuation methodology can enable governments to better evaluate the social outcomes of programs and policies (coming soon!).
As always, we hope these articles provoke discussion and debate, and provide hope and insight into how we can build a new, just and sustainable economy. Please get in touch with the Journal team if you are interested in contributing to these discussions at journal@neweconomy.org.au.
Table of Contents
From Rational Economic Man to Social, Adaptable Human
From Wellbeing Budgets to a Wellbeing Economy—A View from Aotearoa New Zealand.
Improving the Well-Being of Canberrans
‘Values capitalism’ – Good luck with that, Jim