The 20th century playbook doesn’t work, and a prosperous economy is needed

A well-being economy is needed because the 20th century approach to economics is not working, says an expert in the field.

Political economist Catherine Trebek said Mandarin While lessons can be learned from capitalism and socialism, the problems of inequality and climate change require profound economic change.

„[The wellbeing economy is] „Recognizing what feminist economists and ecological economists have been saying for decades, and what First Nations communities have been doing for thousands of years — economics is embedded in society, and both are within our planetary home,” Trebek said.

Taking that idea seriously would require a deep rethinking of the role and function of the economy, the political economist said.

Trebek will speak at the Social Impact Summit on „Australia’s Wellbeing Economy: Our Opportunity to Reshape a More Humane Economy”.

Despite the complete absence of Australian jurisdictions, Australia has much to do.

ACT is available Its well-being frameworkand the Victorian Treasury Early intervention investment framework Globally on edge, Trebek said.

At the federal level, the Treasury recently concluded A second round of advice on “Measuring What Matters”..

Trebek believes the Treasury should take its time with the proposal.

„What’s really important is that they hold a massive consultation with Australians across the country – particularly people who feel their voices are often not heard in debates – to understand what kind of country we want to be in the years and decades ahead.” Said the political economist.

„Then you get your measures to assess that, and then you look at the state of play and design policy accordingly.

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„There’s an important line here.”

Part of having a sound economy is taking a long-term view of policy issues.

„Too often the way policy is made, you see government budgets as discrete annual events that should. Should be part of a broader plan of government policy and how to use government spending,” Trebek said.

Long-term intelligence disclosures are what the federal government is seeking to introduce with its amendments. Public Service ActOnce a year the government looks at the issue of long-wear lenses.

On government, Trebek said there is a partnership between governments Welfare Economic Governments (WEGo) Policy Labs meet regularly.

Trebek founded the group, whose current membership includes Scotland, New Zealand, Finland, Wales, Iceland and Canada.

„In time, it would be great to be part of Australia [WEGo] Because that’s the kind of international relations we need in this day and age,” Trebek said.

Mandarin’s media partner Social Impact SummitJuly 3-4 in Sydney.

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