Developing economy of wellbeing through knowledge
Minister Aki Lindén held a roundtable discussion on the economy of wellbeing on Wednesday 27 April 2022.
The economy of wellbeing is an approach where a better balance in economic, social and ecological sustainability can be achieved by taking account of the links between wellbeing and the economy. It can help strengthen the stability of society in the long term.
“Wellbeing economy is about developing the economy so that it generates wellbeing for all people. Besides ensuring the functioning of health and social services, we must see to the whole system, too, so that it does not increase inequality,” says Minister of Family Affairs and Social Services Aki Lindén.
The roundtable discussed ways to endorse the adoption of the economy of wellbeing approach. One starting point for the discussion was a recent report presenting economists’ views and proposals on integrating the economy of wellbeing approach into knowledge-based decision-making and processes.
In addition, the roundtable talked about the different practices of knowledge-based decision-making in Finnish political decision-making. The panellists praised that so many different kinds of descriptions of current affairs to support knowledge-based decision-making are being produced in Finland. They estimated that there is most room for improvement in carrying out ex-post impact assessments and making use of the assessments. The panellists emphasised that it takes a lot of expertise to interpret data and indicators and concluded that expert forums, such as panels and councils, could help in this work. Another topic of discussion was the interaction and roles of the research community, public administration and decision-making.
Economy of wellbeing internationally and nationally
Finland has been promoting the economy of wellbeing approach in international forums and in the EU. The economy of wellbeing was one of the priorities of Finland’s Presidency of the Council of the European Union in 2019. In the EU, the implementation of the Council conclusions on the economy of wellbeing is linked to the Commission’s strategy and work programme, which includes implementing the European Pillar of Social Rights. Finland has convened a high-level international group of experts to promote the integration of the economy of wellbeing into decision-making. In addition, Finland works in close cooperation with the OECD Centre on Well-being, Inclusion, Sustainability and Equal Opportunity (WISE). The WHO Regional Office for Europe has put together the New Economic Expert Group of economists to support the development of the economy of wellbeing approach in its member states. Moreover, Finland has joined the Wellbeing Economy Governments (WEGo) partnership. It is a global forum for discussing the economy of wellbeing and other wellbeing-related issues and for sharing information and best practices for the purpose of supporting decision-making. The partnership comprises Finland, Iceland, New Zealand, Scotland and Wales.
In Finland, a steering group on the economy of wellbeing started its work in February 2021. The group is preparing a national action plan to make the economy of wellbeing part of knowledge-based decision-making. Minister Lindén’s roundtable event was part of the work on the action plan.
Inquiries:
Veli-Mikko Niemi, Director-General, tel. 0295163425
Heli Hätönen, Ministerial Adviser
Timo Lehtinen, Special Adviser to the Minister, tel. 0295163387
Email addresses are in the format firstname.lastname@gov.fi