Economy of wellbeing as a premise for a better society

Economy of wellbeing as a premise for a better society

  • 27 NOV, 2019

Last October, the European Council published a series of conclusions related to the economy of wellbeing. With these considerations, its invite member states to integrate them into their respective economies and those of the same Union, focusing people and their wellbeing on policy making and decision making.

According to the publication, people's wellbeing is a value in itself, which is why it is vital for economic growth, productivity, long-term budgetary sustainability and social stability of the European Union.

In the text, the Council emphasizes that creating an environment that allows people to reach their full potential and enjoy their fundamental rights is a central component of the wellbeing economy. At the same time, sustainable and inclusive economic growth works as a facilitator of the tranquility of people, societies and the planet.

For World Happiness Fest, the global forum that brings together opinion leaders and wellbeing experts, these recommendations of the European Council represent the basis of an economic model based on human development.

According to its founder, Luis Gallardo, “in order to have healthy and prosperous societies, we need to have full people, so these conclusions are a starting point for the economic model based on wellbeing, not on the mere growth of GDP, which we propose from our forum”.

“Since the economy must be at the service of people, States must develop policies that are not only based on the eradication of poverty, but also on the development of the strengths of the unlimited potential which each human has been borned with”, stressed Gallardo.

World Happiness Fest suggests a comprehensive social wellbeing model, based on the Sustainable Development Goals promoted by United Nations. For the forum, which will hold its festival next March, these recommendations of the European Council add to its goal of achieving a state of higher happiness for world society.