In this talk, Nicola Sturgeon, the First Minister of Scotland, champions the concept of a well-being economy, urging governments to move beyond GDP as a measure of success. She emphasizes the importance of factors like equal pay, mental health, and green space access. Sturgeon highlights the collaborative efforts of Scotland, Iceland, and New Zealand in the Wellbeing Economy Governments network. By prioritizing community well-being, she argues, we can forge a healthier society and tackle global challenges more effectively.
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insights INSIGHT
GDP's Limitations
GDP, while useful, doesn't fully capture a nation's success.
It overlooks crucial aspects like work quality, unpaid care, and long-term sustainability.
question_answer ANECDOTE
Wellbeing Economies Group
Scotland formed the Wellbeing Economies Governments Group with Iceland and New Zealand.
This group aims to challenge the overemphasis on GDP and prioritize well-being.
volunteer_activism ADVICE
Broaden Success Metrics
Measure success beyond GDP, considering factors like inequality, children's happiness, and access to green spaces.
These broader metrics contribute to a healthier and happier society.
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Published in 1759, 'The Theory of Moral Sentiments' is Adam Smith's first major published work, based on his lectures at Glasgow University. The book argues that morality is driven by humanity's natural sociability and the need for approval from peers, rather than by rational calculation or innate moral sense. Smith introduces key concepts such as sympathy, the impartial spectator, and the invisible hand, which explain how individuals judge the conduct and character of themselves and others. The work delves into the emotional and social aspects of human behavior, highlighting the role of emotions like pity and compassion in shaping moral sentiments and behaviors[1][3][4].
The Wealth of Nations
Adam Smith
Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics. The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit. It emphasizes the division of labor, the accumulation of capital, and the importance of free markets. Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces. The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.
In 2018, Scotland, Iceland and New Zealand established the network of Wellbeing Economy Governments to challenge the acceptance of GDP as the ultimate measure of a country's success. In this visionary talk, First Minister of Scotland Nicola Sturgeon explains the far-reaching implications of a "well-being economy" -- which places factors like equal pay, childcare, mental health and access to green space at its heart -- and shows how this new focus could help build resolve to confront global challenges.**
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