PRIORITY ISSUES > BEYOND GROWTH
Redefining our economic purpose.
When we talk about our modern economic paradigm, the pursuit of growth is central to everything we do. It drives policy, business and behaviour with GDP as the single most important success metric.
But the pursuit of endless growth is also what’s causing irreversible harm to our planet, and leaving those worst off even further behind.
Is it time for a new paradigm that looks beyond growth as the overarching goal? How could we redefine the purpose of our economy so that it better serves all people and the planet?
Leave it in the 1980s
“Leave it in the 1980s” is a video campaign to raise awareness that our current economic system is not here by default, but rather it is the result of deliberate policy choices made 40 years ago. Like many things in the ‘80s, we think some of these policies are in need of a refresh.
We invite you to watch and share this video - and use it to start a conversation about what kind of economy you’d like to see in another 40 years’ time.
Challenges of a growth economy
Endless growth is at odds with planetary boundaries.
Our current economic system doesn’t take into account the finite nature of resources on planet Earth and we are starting to witness the strain caused by ever-increasing consumption. If we continue this way, the impact could render our environment inhabitable.
GDP is not a good measure of progress or quality of life.
Our focus on GDP as the single metric for progress has blinded us to the progress that matters most - quality of life for more people. It’s assumed that increasing GDP results in greater wellbeing for more people but we now know this isn’t always the case.
A growth economy does not consider distribution.
By incentivising private accumulation of wealth, an economy focused solely on growth does not consider fair distribution and the claim that wealth will ‘trickle down’ has long been discredited.
What could a post-growth world look like?
More time
When our economy becomes more efficient, we can spend more time with people we love doing things that make us happy.
Enough for everyone
Collective wellbeing, rather than individual wealth, means we ensure everyone has enough to thrive.
Thriving nature
By respecting our planetary boundaries, we don’t take more than we give back to nature. As a result we get to enjoy it for generations to come.
Business for good
Without perpetual growth as an embedded incentive, the purpose of businesses will be to solve social problems, delivering real value to people and the planet.
Strong communities
Increased community engagement results in greater trust and compassion for our neighbours.
Beyond Growth in Action
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Gross National Happiness (GNH) - Bhutan
Since 2008, the Kingdom of Bhutan has officially measured its progress by the 9 domains of Gross National Happiness (GNH) rather than GDP. Although this is relatively recent, Bhutan’s ancient legal code of 1629 also stated that, “if the government cannot create happiness for its people, then there is no purpose for government to exist”.
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Human Development Index (HDI) - UN
Since 1990, the UN has published reports on Human Development. Out of this research, the HDI was created as an alternative metric for assessing the development of a country that is based on the wellbeing of its people and their capabilities, not economic growth alone.
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The Melbourne Doughnut - Regen Melbourne
Kate Raworth’s Doughnut Economics suggests that balance, not growth, should be the goal of our modern economy - living in the space between just social foundations and our ecological ceiling. Regen Melbourne, a collaboration of government, business and community has used the Doughnut model to envision a new future for their city.
