Wellbeing Economy: Integrating Sustainability and Social Welfare

Abstract Wellbeing economy refers to the interconnectedness of the economy, social security, healthcare, planetary boundaries, and overall welfare, highlighting the long-run sustainability of the socioeconomic system in accordance with the UN Sustainable Development Goals. As the OECD concisely states, the wellbeing economy is meant to put people and their wellbeing at the centre of policy. In Finland, where the Ministry of Social Affairs and Health is currently rendering the concept into an official steering model for policymaking, the wellbeing economy has historically developed in relation to the Nordic welfare model, which has helped regulate demand with high efficiency. This presentation will introduce the core principles of the Finnish wellbeing economy, discuss its relationship to the Nordic welfare model, and explain how the wellbeing economy has successfully given rise to rapid and inclusive growth.