Overcoming the Myths of Mainstream Economics to Enable a New Wellbeing Economy

Abstract

Increasingly, empirical evidence refutes many of the theoretical pillars of mainstream economics. These theories have persisted despite the fact that they support unsustainable and undesirable environmental, social, and economic outcomes. Continuing to embrace them puts at risk the possibility of achieving the Sustainable Development Goals and overcoming other global challenges. We discuss a selection of paradoxes and delusions surrounding mainstream economic theories related to: (1) efficiency and resource use, (2) wealth and wellbeing, (3) economic growth, and (4) the distribution of wealth within and between rich and poor nations. We describe a wellbeing economy as an alternative for guiding policy development. In 2018, a network of Wellbeing Economy Governments (WEGo), (supported by, but distinct from, the larger Wellbeing Economy Alliance—WEAll) promoting new forms of governance that diverge from the ones on which the G7 and G20 are based, has been launched and is now a living project. Members of WEGo aim at advancing the three key principles of a wellbeing economy: Live within planetary ecological boundaries, ensure equitable distribution of wealth and opportunity, and efficiently allocate resources (including environmental and social public goods), bringing wellbeing to the heart of policymaking, and in particular economic policymaking. This network has potential to fundamentally re-shape current global leadership still anchored to old economic paradigms that give primacy to economic growth over environmental and social wealth and wellbeing.

Complex Network Analysis of Transmission Mechanism for Sustainable Incentive Policies

“…Kirakozian et al [23] believed that the influence of emotional factors and social interactions should also be considered in the process of formulating incentive policies. Scholars also established a welfare policy network to establish the core position of the policy in the decision-making process and achieve the goal of supporting policy formulation [24]. With regard to the policy implementation phase, Aquila et al [25] analyzed the pros and cons of incentives along with their potential and vulnerability in the process of employment.…”

“…After statistical analysis using Cronbach's alpha, this step divides the incentive policies into seven aspects (shown in Table 2), including tax, finance, land, administration, construction, and research-development-training (RDT), and the number of key elements and nodes are counted. Finance 17Refers to financial institutions providing credit, financing, etc., to enterprises or consumers Consumer provident fund loan line (80), opening a green channel (36), consumer differentiated credit support (35), certain credit support for base/project/enterprise (32), bond financing (31) 5Administration 7Refers to administrative support provided by government for enterprises, such as examination and approval procedures, qualification management, and credit bonuses Signs included in admission system (12), priority given to pre-evaluation support (95), optimized approval procedures (56), qualification support given (32), credit bonus given 166 Construction link (21) Refers to government's support for logistics, bidding, etc., in bidding, construction, operation and other aspects Logistics and transportation support for ultra-large and ultra-wide construction (83), encouragement of general contracting mode (44), inviting public bidding (32), application for pre-sale permit for commercial housing in advance with construction site reaching ±0.000 and capital more than 25% of total investment (24), priority can be given to pre-sale permit for commercial housing to achieve design image progress (17) In the policy formulation process, policy makers often refer to and draw on relevant policy plans and policy concepts from other countries, regions, or departments. Therefore, this study makes the following assumption: the government departments that formulated the IMC incentive policies referred to previous relevant IMC incentives.…”

Reviewing the Smart City Vienna Framework Strategy’s Potential as an Eco-Social Policy in the Context of Quality of Work and Socio-Ecological Transformation

“…It promotes the sharing of ideas, expertise and best practices in designing an economy that puts the goal of enhancing ecological and social wellbeing above that of GDP growth. The WEGo initiative is supported by the Wellbeing Economy Alliance (WEAll), bringing together existing networks of citizens, academics, and businesses [32,33].…”

Rethinking 21st-Century Businesses: An Approach to Fourth Sector SMEs in Their Transition to a Sustainable Model Committed to SDGs

“…To achieve this objective, a qualitative method and a subsequent thematic analysis were carried out based on twelve in-depth interviews with experts. Selected entrepreneurs, business leaders, and academics were asked to reflect on three topics: (1) definitions and concepts that are under discussion, such as GDP (in effect), prosperity and well-being (advisable toward 2030) [9];…”

“…To achieve this objective, a qualitative method and a subsequent thematic analysis were carried out based on twelve in-depth interviews with experts. Selected entrepreneurs, business leaders, and academics were asked to reflect on three topics: (1) definitions and concepts that are under discussion, such as GDP (in effect), prosperity and well-being (advisable toward 2030) [9]; (2) the main barriers, issues and challenges that SMEs must overcome in their progress towards the Sustainable Development Goals and (3) knowing what contributions SMEs can make to converge with SDGs and how they can do it.…”