What is the economy for?
In Nevinomics view, the economy should be constructed to maximize individual Flourishing.
Here is one obvious policy suggestion: Canada needs a Flourishing index.
If Flourishing is our objective, we are not going to improve it unless we decide how to define it more specifically, and then measure it.
At the moment, there is a lot of academic debate about this. We all understand intuitively that Flourishing has elements of growth, self-awareness, health, connection, meaning, and resiliency. But there is no accepted measurement.
Nevinomics’ believes that Canada should take the lead in creating this index, first for our own use, and then as something we export to other countries that are thinking about these issues. Just discussing Flourishing – with both experts and ordinary people participating – would undoubtedly in itself have a positive policy impact. And once we decide on metrics and imbed both with policy-makers and with the press, Nevinomics is certain that this will have an incalculable, positive impact.
It is inevitable that in 50 years we will measure human welfare differently than by the GDP obsession we use today: let Canada be one of first seriously to explore this path.
This is Nevinomics for Canada.
Photo: TDLucas5000. Coal Harbour, Vancouver. Flickr Creative Commons License.