The wellbeing economy is not just about measuring what is already there. It is about designing policies with human and ecological wellbeing as the goal. However, exactly which factors contribute to ‘wellbeing’ depends on who you ask. To some it is only about human health, to others it is happiness and life satisfaction, and to some it is broader, including environmental and economic factors. For a wellbeing economy, all of these factors are equally important.

In the academic world, Amartya Sen and Martha Nussbaum’s Capabilities Approach and Manfred Max-Neef’s Theory of Needs also serve as a basis for understanding human wellbeing.

The Wellbeing Economy Alliance (WEAll), a global collaboration of 200 individuals, organisations, governments, academics, and businesses working to transform the economic system, lists five universal needs for a good life which underpin the concept of the wellbeing economy:

Connection | Sense of belonging and institutions serving the common good
Dignity | Everyone has enough to live in comfort, safety, and happiness
Fairness | Justice in all its dimensions at the heart of economic systems
Participation | Citizens are actively engaged in their communities
Nature | A restored and safe natural world for all life

A wellbeing economy would seek to grow all of these aspects while reducing activities that would harm them.

The European Council looks at the economy of wellbeing as being comprised of healthcare, social protection, gender equality, and education & training and sees wellbeing and economic growth as interdependent and mutually reinforcing.