We must shift how we understand and build societal health and prosperity, looking beyond economic growth to collective well-being and environmental sustainability.

To solve the social, economic, and environmental challenges we face today, we need to rethink the status quo. Governments and other institutions around the world need to embrace new ways of thinking and actively engage in widespread systems innovation to make real progress toward a healthier, more prosperous world. Yet most continue to frame their work within traditional economic models, without recognizing the damage it is causing to society and the planet. While efforts to mitigate the effects of larger problems are vitally important, they do not attend to their root causes and interconnectedness.

Three Principles of a Well-Being Economy:

1. Restoring a harmonious relationship between society and nature. A well-being economy not only supports quality of life for all—including good physical and mental health, and the ability to pursue aspirations—but also sustainability for the planet. A healthy and prosperous society begins with nature, viewing it as both a resource to meet consumption needs and a system of which we are a part.

2. Ensuring a fair distribution of resources to address economic inequality. Countries with higher average levels of well-being tend to have greater equality between population groups and fewer people living in deprivation.

3. Supporting healthy and resilient individuals and communities. In a successful well-being economy, everyone lives in dignity, has a sense of connection and belonging, and actively engages with their communities. People have equal access to means that support their basic human needs, including support for physical, psychological, emotional, social, and spiritual well-being. Countries that understand the connection between individual and collective well-being and the role of the economy in fostering well-being are implementing policies that support satisfactory housing conditions, safety, strong relationships within communities, and trust in politics.

Read the full article about a well-being economy by Anna Chrysopoulou at Stanford Social Innovation Review.