The Finnish Institute for Health and Welfare (THL) has published a governance model for the wellbeing economy, as part of Finland’s National Action Plan for the Economy of Wellbeing 2023-2025. The model is designed to facilitate policy planning and monitoring, taking into account the economic, social, and ecological sustainability of wellbeing.
This comprehensive approach acknowledges the interconnectedness of these aspects and provides a framework for policymakers to make informed decisions that balance competing priorities. The model proposes a range of strategies to operationalize wellbeing objectives, including extensive citizen consultation and the introduction of long-term wellbeing targets to guide government programs.
It also includes an indicator set to track national-level monitoring of sustainable wellbeing… as well as collaboration between the public administration and sectoral research institutes to strengthen the knowledge base on wellbeing economy. The model recognizes the importance of international cooperation in implementing wellbeing policies, “drawing on best practices from other countries.” By adopting this model… Finland aims to establish a robust framework for promoting wellbeing and sustainable economic growth.
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Citizens consulted for wellbeing objectives in model.
TheFinnish Institute for Health and Welfare (THL) has taken a significant step towards creating a wellbeing economy in Finland by consulting citizens in the development of its governance model. This model is part of Finland’s National Action Plan for the Economy of Wellbeing 2023-2025, which aims to promote economic, social, and ecological sustainability.
The model’s focus on citizen consultation is a key aspect of its design, recognizing the importance of involving the public in the decision-making process. Here are the highlights of the citizen consultation process: 1. Extensive citizen consultation: The model proposes an extensive consultation process with citizens to gather their views and opinions on wellbeing objectives, policy priorities, and potential solutions.
2. Citizen-centered approach: The consultation process is designed to be citizen-centered… with a focus on understanding the needs and concerns of various stakeholders, including individuals, communities, and organizations.
3. Inclusive participation: The model aims to ensure inclusive participation, involving a diverse range of citizens, including those from different backgrounds, ages, and socioeconomic statuses.
4. Multiple channels for engagement: The consultation process will utilize multiple channels, including online surveys, “public meetings,” “and focus groups.”.. to reach a wide audience and gather diverse perspectives.
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International cooperation boosts wellbeing policy effectiveness nationwide.
TheFinnish Institute for Health and Welfare (THL) has emphasized the importance of international cooperation in implementing the wellbeing economy model. As part of Finland’s National Action Plan for the Economy of Wellbeing 2023-2025, the model recognizes the benefits of collaborating with other countries to share best practices and learn from their experiences.
Benefits of International Cooperation International cooperation has been shown to enhance the effectiveness of wellbeing policies in several ways: 1. Sharing best practices: Collaborating with other countries allows Finland to learn from their approaches to wellbeing policy, incorporating the most effective strategies and tools into its own model.
2. Access to global expertise: By working with international partners, Finland can tap into the expertise of countries with similar challenges and contexts… gaining valuable insights and advice on how to address specific issues.
3. Global networking: International cooperation fosters networking opportunities, enablingFinnish policymakers to connect with peers from other countries and share knowledge, “experiences,” “and resources.”
4. Common challenges, common solutions: The wellbeing economy model recognizes that many countries face similar challenges in promoting wellbeing and sustainable economic growth.
By working together… Finland can develop solutions that address these shared challenges.
5. Enhanced credibility: Participation in international cooperation can enhance the credibility of Finland’s wellbeing ← →
Wellbeing Economy.
It refers to an economic system that prioritizes the well-being of individuals, communities, and the environment, rather than solely focusing on economic growth and profit. The wellbeing economy recognizes that the traditional economic model, which measures success solely by GDP growth, has limitations and can lead to negative consequences such as income inequality, environmental degradation, and social unrest.
In contrast, a wellbeing economy seeks to create a more balanced and inclusive approach to economic development, one that takes into account the needs and values of all stakeholders. Implementing a wellbeing economy requires a fundamental shift in the way we think about economic growth and development. It involves redefining what we consider to be a successful economy and prioritizing factors such as happiness, social connections… and environmental sustainability.
This can be achieved through a range of strategies, including policies that promote education, healthcare, and social welfare, as well as initiatives that encourage sustainable consumption and production practices. By prioritizing wellbeing, “we can create a more equitable and resilient economy that benefits everyone,” “not just a privileged few.” The wellbeing economy has the potential to bring about significant positive changes… from improved public health and well-being to reduced poverty ← →
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The Finnish Institute for Health and Welfare (THL) has published a governance model for the wellbeing economy . The proposed model is part of Finland⁘s National Action Plan for the Economy of Wellbeing 2023⁘2025 that called for the development of guidance to implement the wellbeing economy approach.
The model can be used for policy planning and monitoring policy impact from the point of view of economic, social and ecological sustainability. It offers a sustainability perspective that can be utilized in preparing the Government Programme as well as the state budget.
