Prioritizing Well-Being

“You know, what we choose to measure as a country matters. It really matters, because it drives political focus, it drives public activity. And against that context, I think the limitations of GDP as a measurement of a country’s success are all too obvious. You know, GDP measures the output of all of our work, but it says nothing about the nature of that work, about whether that work is worthwhile or fulfilling. It puts a value, for example, on illegal drug consumption, but not on unpaid care. It values activity in the short term that boosts the economy, even if that activity is hugely damaging to the sustainability of our planet in the longer term.
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I started with Adam Smith and ‘The Wealth of Nations.’ In Adam Smith’s earlier work, ‘The Theory of Moral Sentiments,’ which I think is just as important, he made the observation that the value of any government is judged in proportion to the extent that it makes its people happy. I think that is a good founding principle for any group of countries focused on promoting well-being. None of us have all of the answers, not even Scotland, the birthplace of Adam Smith. But in the world we live in today, with growing divides and inequalities, with disaffection and alienation, it is more important than ever that we ask and find the answers to those questions and promote a vision of society that has well-being, not just wealth, at its very heart.”