Plenary A: The limits to growth as a measure of prosperity

TL;DR

The journey towards a sustainable economy and a shift away from GDP growth is progressing, but challenges remain in changing the mindset of policymakers, addressing the dominance of capital interests, and overcoming deep-rooted beliefs in the value of economic growth.

Transcript

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Key Insights

• 🌍 The oecd has been working on going Beyond GDP and promoting well-being as a measure of prosperity for many years.
• 📊 The oecd well-being framework, developed in 2011, focuses on current well-being (11 dimensions of life), inclusion (distribution of outcomes), and resources for future well-being.
• 💡 The oecd is making progress in promoting a well-being economy approach, as seen in initiatives such as the European Green Deal and discussions on the link between well-being and mental health.
• 🔎 However, there are challenges in shifting the mindset of policymakers and overcoming entrenched beliefs in economic growth and market-based solutions.
• 💼 Policymakers may be resistant to change due to their career backgrounds and beliefs, and this can slow down the transition to a well-being economy.
• 🌱 The European Green Deal is a step in the right direction, but there is still a need for deeper change and a shift away from GDP-driven policies. ⏳ Change takes time, but there is hope that the center of gravity of the debate is shifting towards a post-growth mindset.
• ❓ However, there are questions about whether change is happening fast enough, given the urgency of addressing climate change and other planetary boundaries.
• 💡 Priority should be given to changing the system quickly rather than spending too much time on constructing perfect indicators and dashboards.
• 🗳️ There is a discrepancy between the battle of ideas and electoral results, which highlights the need to bridge the gap between interest and ideas.
• 💰 It is important to clarify when discussing the top 1% and top 10% whether it is globally or at the European level, as the implications and perspectives may vary.

Questions & Answers

Q: Has there been a shift in the mindset of policymakers towards recognizing the urgency of addressing planetary boundaries and shifting away from GDP growth?

While there have been some signs of progress, such as the inclusion of well-being indicators and recognition of the need for absolute demand reduction, the mindset of policymakers is slow to change. Deep-rooted beliefs in the value of economic growth and the influence of capital interests continue to shape policy priorities. However, there is a growing dialogue around post-growth economics, and policymakers are beginning to engage in discussions about alternative visions for a sustainable economy.

Q: What are the challenges in driving change towards a sustainable economy, particularly in overcoming the dominance of capital interests?

One of the main challenges is the influence of capital interests on policymakers. The close ties between capital owners and policy makers can hinder the adoption of policies that prioritize sustainable well-being over economic growth. Additionally, deep-rooted beliefs in the value of economic growth and the identity of policymakers make it difficult for them to shift their mindset and prioritize alternative visions for the economy. Overcoming these challenges requires sustained efforts to raise awareness, engage stakeholders, and build coalitions for change.

Q: How can we overcome the resistance to change and accelerate the transition to a sustainable economy?

Overcoming resistance to change requires a combination of strategies. First, it is important to continue raising awareness about the urgency of addressing planetary boundaries and the need for alternative economic models. This includes highlighting the risks of the status quo and the benefits of transitioning to a sustainable economy. Second, it is crucial to engage stakeholders at all levels, including policymakers, businesses, civil society, and the public, to create a shared understanding of the need for change and the opportunities it presents. Finally, building coalitions for change and harnessing collective action can help drive policy reforms and shape the transition to a sustainable economy.

Q: How can we ensure that policies align with the urgent action needed to address climate change and other planetary boundaries?

Aligning policies with the urgent action needed to address climate change and other planetary boundaries requires a multi-faceted approach. It involves setting ambitious targets and timelines, implementing regulations that incentivize sustainable practices, promoting innovation and research in clean technologies, and driving public and private investment towards sustainable solutions. Additionally, it requires continuously monitoring and evaluating the impact of policies to ensure that they are effective in achieving the desired outcomes. Ultimately, a holistic and integrated approach that addresses economic, social, and environmental aspects is key to aligning policies with the urgent action needed.

Summary & Key Takeaways

• The journey towards a sustainable economy and a shift away from GDP growth is underway, but progress is slow.

• Policymakers continue to prioritize economic growth and struggle to recognize the urgency of addressing planetary boundaries.

• Deep-rooted beliefs in the value of economic growth, the influence of capital interests, and the identity of policymakers make it challenging to drive change.

• However, there are signs of progress, including increased dialogue around post-growth economics, recognition of the need for absolute demand reduction, and the inclusion of well-being indicators in policy discussions.

• The battle of ideas is shifting, but more work is needed to translate these ideas into policy action and overcome resistance to change.