Wellbeing versus GDP
It used to be axiomatic that GDP and the wellbeing of a society were tightly linked. Surveys of populations have now shown this is not true, and there are a raft of other policy and economic indicators that are more likely to accurately measure the well being of a population. Certain governments around the world have identified this, and are acting on it. In 2018, Scotland, Wales, Finland and New Zealand formed the Wellbeing Economy Governments (WEGS). Their commitment is to ensures lawmakers look deliberately and carefully at how any law affects peoples wellbeing, as well as economic considerations, before it is passed. It remains to be seen whether this will translate to more contented people - they are already among the happiest populations in the world anyway. Perhaps the reason they are already happy because their governments are the kinds of governments that are more likely to engage in these pursuits? Given growth in money wealth is turning out to be a spectacularly bad indicator of happiness in modern society - for both people and countries - we should salute the WEGS. This is something governments of all countries should consider.