Wellbeing economy

What is a wellbeing economy? How do you measure wellbeing? Find answers and learn more with our resources on economics that puts people and the planet first.

What is a wellbeing economy?

A wellbeing economy is an economy which is directed towards meeting human needs and aspirations within the limits of a finite planet.Unlike traditional economic models that prioritise GDP growth, wellbeing economics measures success by the wellbeing of people and the environment. This approach recognises that true prosperity encompasses more than financial wealth – it also requires community, dignity, and a healthy planet for us to live on.The Earth4All modelling shows that in the Giant Leap scenario, taking simultaneous action in five key areas can create a steady growth in wellbeing this century.

Learn more in Putting human and ecological wellbeing at the centre of our economies, our Q&A with wellbeing economy expert Lorenzo Fioramonti.

How can we measure wellbeing?

The Earth4All model introduces a measure of wellbeing called the Average Wellbeing Index. This was inspired by the Wellbeing Economy Alliance’s framework, and includes the following variables:

Dignity: worker disposable income (after tax)
Nature: climate change (global surface average temperature, in Celsius)
Connection: government services indicated by spending per person, i.e., to institutions that serve common good
Fairness: the ratio of owner income after tax to worker income after tax

Once wellbeing is quantified in this way, we can measure whether wellbeing is increasing or decreasing in society, and how implementing different policies might affect wellbeing.

There are many other, and complementary, ways we can measure wellbeing that are appropriate to different communities and contexts. WeAll co-founder Katherine Trebeck proposes ‘cornerstone indicators’ that are co-developed with communities and intuitively show things going well – for example, the number of girls riding their bikes to school every day.

Learn more about measuring wellbeing in What is economic wellbeing? by Till Kellerhoff and David Collste and Indications of a better world? by Katherine Trebeck.

Many studies show wellbeing plateaus as GDP grows. While, yes, people can buy things, they have to contend with clogged arteries from poor diets, clogged cities with SUV-infested streets, and clogged lungs from air pollution. At this stage, rational government policies would shift focus away from growth and rather seek increased wellbeing for the majority.
Earth for All: A Survival Guide for Humanity

Do people want a wellbeing economy?

In 2024, Earth4All and the Global Commons Alliance commissioned Ipsos to survey thousands of people around the world to find out their views on our economic system. The survey found that two in three people (68%) agree that the way the economy works should prioritise the health and wellbeing of people and nature rather than focusing solely on profit and increasing wealth.

We also asked about support for a range of policy proposals that would support wellbeing. Over half of people supported all the proposals, with highest support for universal healthcare, strengthening workers’ rights and greater investment in clean energy and transport.

Blogs

Follow the latest opinion pieces on wellbeing economics from Earth4All contributors in our blog.

Indications of a better world?

The case for a wellbeing economy

Beyond GDP: Towards a wellbeing economy

Videos

Earth4All Executive Chair Sandrine Dixson-Declève makes the case for a wellbeing economy at the Wellbeing Economy Forum 2024.

What is the purpose of the economy? Where are wellbeing economies emerging? Watch this short video from WeAll to learn more.

Learn more

Wellbeing economy: deep-dive paper

Read the Earth4All deep-dive paper by Katherine Trebeck, Getting wellbeing economy ideas on the policy table: theory, reality, pushback and next steps.

Wellbeing Economy Alliance

Earth4All is a member of WeAll, the Wellbeing Economy Alliance, a collaboration of organisations, alliances, movements, and individuals working towards economic systems change.