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Wellbeing Economics Narratives for a Sustainable Future

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  • Sandra Waddock

    (Carroll School of Management)

Abstract

There is increasing attention to the idea of bringing about what is termed a wellbeing economy, and recognition that a coherent story or narrative is important in countering the strength of today’s dominant economic narrative--neoliberalism. Yet there has been relatively little consensus on what such an idea might mean in practice, despite the proliferation of many different initiatives attempting to bring such an economy about. Many of these initiatives have allied with an aggregator called WEAll, the Wellbeing Economy Alliance. In an effort to determine what new economics/next economies initiatives mean by wellbeing economy, this study assesses the statements provided by WEAll allies to WEAll when seeking membership to see whether there is a consistent narrative about wellbeing economy that emerges. Four nuanced, yet related, versions of the wellbeing economy narrative emerged. “Transformation” is mainly a critique of business as usual, emphasizing transformation towards a wellbeing economy that critiques neoliberalism and emphasizes wellbeing of all people. The Nature-Centric or Planetary Boundaries perspective takes a more ecological perspective, emphasizing humanity’s need to live and operate within planetary boundaries. The Good Life or People-Centric perspective offers a people-oriented narrative that emphasizes sustainability while ensuring that basic needs of all are met. The Integrated perspective is an integrated life-centered perspective that combines these interests and focuses on the wellbeing of both people and planet, recognizing the complexity and holistic nature of that task.

Suggested Citation

  • Sandra Waddock, 2021. "Wellbeing Economics Narratives for a Sustainable Future," Humanistic Management Journal, Springer, vol. 6(2), pages 151-167, July.
  • Handle: RePEc:spr:humman:v:6:y:2021:i:2:d:10.1007_s41463-021-00107-z
    DOI: 10.1007/s41463-021-00107-z
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    References listed on IDEAS

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    1. Gowdy, John M., 2008. "Behavioral economics and climate change policy," Journal of Economic Behavior & Organization, Elsevier, vol. 68(3-4), pages 632-644, December.
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    4. Esther-Mirjam Sent, 2004. "Behavioral Economics: How Psychology Made Its (Limited) Way Back Into Economics," History of Political Economy, Duke University Press, vol. 36(4), pages 735-760, Winter.
    5. Sandra Waddock, 2016. "Foundational Memes for a New Narrative About the Role of Business in Society," Humanistic Management Journal, Springer, vol. 1(1), pages 91-105, September.
    6. Richard H. Thaler, 2016. "Behavioral Economics: Past, Present, and Future," American Economic Review, American Economic Association, vol. 106(7), pages 1577-1600, July.
    7. Sandra Waddock, 2020. "Reframing and Transforming Economics around Life," Sustainability, MDPI, vol. 12(18), pages 1-16, September.
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    Cited by:

    1. Elizaveta A. Belousova, 2022. "Economic well-being: Semantic environment and research contexts at a municipal level," Journal of New Economy, Ural State University of Economics, vol. 23(4), pages 46-68, January.
    2. Steve Waddell & Sandra Waddock & Simone Martino & Jonny Norton, 2023. "Emerging Economic Operating Infrastructure to Support Wellbeing Economies," Humanistic Management Journal, Springer, vol. 8(1), pages 63-88, April.
    3. Elena B. Dvoryadkina & Elizaveta A. Belousova, 2023. "Ideas of well-being economy in the theories of local self-government," Journal of New Economy, Ural State University of Economics, vol. 24(4), pages 107-124, January.
    4. Anders Hayden, 2024. "The wellbeing economy in practice: sustainable and inclusive growth? Or a post-growth breakthrough?," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-15, December.
    5. Richard Bärnthaler & Andreas Novy & Lea Arzberger & Astrid Krisch & Hans Volmary, 2024. "The power to transform structures: power complexes and the challenges for realising a wellbeing economy," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-16, December.

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