The global economy is currently lurching from one crisis to the next. Capitalism has failed to answer the serious problems facing society: from global warming and climate change to rising inequality and the collapse of living standards. The dogmatic pursuit of economic growth is destroying the planet and has concentrated wealth in all but a few hands. Scotianomics recognises that last centuries ideas of left and right are obsolete and must be replaced.
Scotianomics champions the Wellbeing Economic Approach. This approach to structuring the economy seeks to put all factors which enhance an individual’s wellbeing on the same footing as economic growth. These factors include but are not limited to: the quality of the living environment; human development through increased education and health outcomes; stronger community ties and reduced inequality; and investment in future generations. Scotianomics believes these factors are what contribute to greater economic and societal wellbeing.
As an organisation, Scotianomics has written numerous reports on the Wellbeing Economic Approach. Scotianomics is a champion of the introduction of a Wellbeing Pension of £235 per week for all pensioners in the UK (read more here). Scotianomics has also given evidence and policy advice to organisations such as the Scottish Government, UK Government, and the OECD.
Research conducted by Scotianomics has directly contributed to a refocusing of Scottish Government policy towards wellbeing economics and even the reshaping of the Scottish Government, with the introduction of the new ministerial position of: Cabinet Secretary for Wellbeing Economy, Fair Work and Energy.