{"id":15082,"date":"2024-10-28T12:32:55","date_gmt":"2024-10-28T12:32:55","guid":{"rendered":"https:\/\/populationmatters.org\/?p=15082"},"modified":"2024-10-28T12:58:09","modified_gmt":"2024-10-28T12:58:09","slug":"rethinking-prosperity-how-the-care-economy-redefines-success","status":"publish","type":"post","link":"https:\/\/populationmatters.org\/news\/2024\/10\/rethinking-prosperity-how-the-care-economy-redefines-success\/","title":{"rendered":"Rethinking Prosperity: How the Care Economy Redefines Success"},"content":{"rendered":"\n<div class=\"wp-block-cover alignfull is-light curved-bottom\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\"><\/span><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1707\" src=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dominik-lange-unsplash-scaled.jpg\" class=\"wp-block-cover__image-background wp-post-image\" alt=\"\" data-object-fit=\"cover\" data-object-position=\"59% 66%\" style=\"object-position:59% 66%;\" srcset=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dominik-lange-unsplash-scaled.jpg 2560w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dominik-lange-unsplash-300x200.jpg 300w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dominik-lange-unsplash-1024x683.jpg 1024w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dominik-lange-unsplash-768x512.jpg 768w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dominik-lange-unsplash-1536x1024.jpg 1536w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dominik-lange-unsplash-2048x1365.jpg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\"><h1 class=\"has-text-align-center wp-block-post-title\">Rethinking Prosperity: How the Care Economy Redefines Success<\/h1><\/div><\/div>\n\n\n<div class=\"wp-block-post-date\"><time datetime=\"2024-10-28T12:32:55+00:00\">28 October 2024<\/time><\/div>\n\n\n<p class=\"lead\">How can we reorient economies to prioritise people and the planet over profit? The Care Economy is one such reimagining, that values human wellbeing and sustainability above traditional profit-driven approaches, which undervalue and neglect care work.&nbsp;<\/p>\n\n\n\n<p><em>We continue our series&nbsp;<a href=\"https:\/\/populationmatters.org\/news\/?tag=economics&amp;category_name=\">exploring alternative economic models<\/a>.&nbsp;<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"624\" height=\"436\" src=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/image.png\" alt=\"\" class=\"wp-image-15083\" srcset=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/image.png 624w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/image-300x210.png 300w\" sizes=\"auto, (max-width: 624px) 100vw, 624px\" \/><figcaption class=\"wp-element-caption\"><strong><em>Illustration by <\/em><\/strong><a href=\"https:\/\/wbg.org.uk\/wp-content\/uploads\/2020\/10\/WBG-Report-v10.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>Women\u2019s Budget Group<\/em><\/strong><\/a><strong><em> whose polling found that almost seven out of 10 people say that wellbeing should be used to measure the success of economic policy<\/em><\/strong>&nbsp;<\/figcaption><\/figure>\n\n\n\n<p>The care economy involves both paid and unpaid work focused on meeting people\u2019s social and material needs. Advocates claim it is essential for maintaining individuals\u2019 wellbeing and for the functioning of society and the economy. It\u2019s emerging as an alternative economic model that prioritises human wellbeing and sustainability over traditional profit-driven approaches. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Emphasising care<\/h2>\n\n\n\n<p>In September, we attended the <a href=\"https:\/\/populationmatters.org\/news\/2024\/09\/advancing-population-solutions-insights-from-the-un-summit-of-the-future\/\">Summit of the Future<\/a> at the United Nations headquarters in New York. While there, we attended a side event hosted by Oxfam and other partners, <em>\u201cTransforming Economies Beyond GDP: Towards a Caring and Feminist Future\u201d<\/em>. Bisrat Kubi Dessalegn from <a href=\"https:\/\/akinamamawaafrika.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">Akina Mama wa Africa<\/a> provided insights, including:&nbsp;&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong><em>Care is the backbone of society, yet GDP fails to recognise or value it because it can\u2019t be monetised.<\/em><\/strong><\/p>\n<\/blockquote>\n\n\n\n<p>Bisrat emphasised the importance of recognising, redistributing, and valuing care work. She noted that women contribute 12.5 billion hours daily to unpaid care work, which, if monetised, would account for over $10.3 trillion annually. This highlights the need for an economic metric that centres care, wellbeing and the planet, rather than GDP alone. Furthermore, care work is tied to climate justice. <\/p>\n\n\n\n<p>As Bisrat also noted:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong><em>&#8230;whenever we talk care, we talk about climate justice and climate justice is at the centre of GDP.&nbsp; And whenever we see GDP increasing, we see the climate change effects in countries, especially Global South, because of the industrialisation of the Global North.\u201d<\/em><\/strong>&nbsp;<\/p>\n<\/blockquote>\n\n\n\n<p>This highlights the importance of climate action that considers the effects on women and care work. Additionally, the care economy is a low-carbon sector, <a href=\"https:\/\/wbg.org.uk\/wp-content\/uploads\/2020\/10\/WBG-Report-v10.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">contributing significantly less to pollution<\/a> compared to other industries. In fact, investing in care creates jobs that are three times less polluting than equivalent investments in sectors like construction. This makes it a greener and more sustainable option.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"769\" src=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/5fb24d8c-8e1f-441b-abbf-33993454484c-1024x769.jpg\" alt=\"\" class=\"wp-image-15085\" srcset=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/5fb24d8c-8e1f-441b-abbf-33993454484c-1024x769.jpg 1024w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/5fb24d8c-8e1f-441b-abbf-33993454484c-300x225.jpg 300w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/5fb24d8c-8e1f-441b-abbf-33993454484c-768x576.jpg 768w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/5fb24d8c-8e1f-441b-abbf-33993454484c-1536x1153.jpg 1536w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/5fb24d8c-8e1f-441b-abbf-33993454484c.jpg 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><strong><em>Bisrat Kubi Dessalegn, third from left during a group photo after the event PM attended, cc. Oxfam<\/em><\/strong>&nbsp;<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">In search of something more than GDP<\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong><em>Moving beyond GDP is both a call to abandon a dysfunctional economic indicator as a guiding metric for policy and a broader invitation to think about living in an economy that focuses on social prosperity \u2013 and on a liveable planet \u2013 rather than pursuing GDP growth for its own sake.\u201d<\/em><\/strong>&nbsp;<\/p>\n<cite>From the Oxfam paper <a href=\"https:\/\/policy-practice.oxfam.org\/resources\/radical-pathways-beyond-gdp-621532\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u201cRadical Pathways Beyond GDP: Why and how we need to pursue feminist and<em> <\/em>decolonial alternatives urgently&#8221;<\/a><\/cite><\/blockquote>\n\n\n\n<p>Its advocates claim the Care Economy could play a critical role in tackling global challenges such as climate change, ageing populations and humanitarian crises. Investing in this sector could support climate resilience, improve the quality of life for older adults and promote economic stability by creating jobs, especially for women. Studies show that <a href=\"https:\/\/www.weforum.org\/agenda\/2024\/03\/future-of-care-economy-key-themes\/\" target=\"_blank\" rel=\"noreferrer noopener\">investing 2% of GDP in the care industry<\/a> could create up to 22 million jobs across seven OECD countries. That&#8217;s double what a similar investment in construction would yield.<\/p>\n\n\n\n<p>The International Labour Organization <a href=\"https:\/\/www.ilo.org\/topics\/care-economy\" target=\"_blank\" rel=\"noreferrer noopener\">adopted a global resolution<\/a> this year which highlights the essential links between the care economy, gender equality, decent work, sustainable development and social justice. At Population Matters, we recognise how declining birth rates worry many GDP-focussed governments. In this context, we can see how the Care Economy could be relevant. We believe it\u2019s time for policymakers to <a href=\"https:\/\/populationmatters.org\/resources\/silver-linings-not-silver-burdens-smaller-families-and-ageing-populations-white-paper\/\" target=\"_blank\" rel=\"noreferrer noopener\">embrace population ageing<\/a> and invest in preventive healthcare, making the Care Economy central to a more just and sustainable future.<\/p>\n\n\n\n<div class=\"wp-block-popmat-share\"><a class=\"fb-share\" href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Fpopulationmatters.org%2Fnews%2F2024%2F10%2Fthe-care-economy-pushing-for-a-metric-beyond-gdp%2F\" target=\"_blank\" rel=\"noopener\"><div><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\"><path d=\"M400 32H48A48 48 0 0 0 0 80v352a48 48 0 0 0 48 48h137.25V327.69h-63V256h63v-54.64c0-62.15 37-96.48 93.67-96.48 27.14 0 55.52 4.84 55.52 4.84v61h-31.27c-30.81 0-40.42 19.12-40.42 38.73V256h68.78l-11 71.69h-57.78V480H400a48 48 0 0 0 48-48V80a48 48 0 0 0-48-48z\"><\/path><\/svg> Share<\/div><\/a><a class=\"tw-share\" href=\"https:\/\/twitter.com\/share?url=https%3A%2F%2Fpopulationmatters.org%2Fnews%2F2024%2F10%2Fthe-care-economy-pushing-for-a-metric-beyond-gdp%2F&amp;text=Rethinking%20Prosperity%3A%20How%20the%20Care%20Economy%20Redefines%20Success\" target=\"_blank\" rel=\"noopener\"><div><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\"><path d=\"M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z\"><\/path><\/svg> Tweet<\/div><\/a><a class=\"li-share\" href=\"https:\/\/www.linkedin.com\/shareArticle?url=https%3A%2F%2Fpopulationmatters.org%2Fnews%2F2024%2F10%2Fthe-care-economy-pushing-for-a-metric-beyond-gdp%2F&amp;text=Rethinking%20Prosperity%3A%20How%20the%20Care%20Economy%20Redefines%20Success\" target=\"_blank\" rel=\"noopener\"><div><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\"><path d=\"M416 32H31.9C14.3 32 0 46.5 0 64.3v383.4C0 465.5 14.3 480 31.9 480H416c17.6 0 32-14.5 32-32.3V64.3c0-17.8-14.4-32.3-32-32.3zM135.4 416H69V202.2h66.5V416zm-33.2-243c-21.3 0-38.5-17.3-38.5-38.5S80.9 96 102.2 96c21.2 0 38.5 17.3 38.5 38.5 0 21.3-17.2 38.5-38.5 38.5zm282.1 243h-66.4V312c0-24.8-.5-56.7-34.5-56.7-34.6 0-39.9 27-39.9 54.9V416h-66.4V202.2h63.7v29.2h.9c8.9-16.8 30.6-34.5 62.9-34.5 67.2 0 79.7 44.3 79.7 101.9V416z\"><\/path><\/svg> Post<\/div><\/a><\/div>\n\n\n\n<div class=\"wp-block-group alignfull has-light-blue-background-color has-background is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"wp-block-heading\">Related content<\/h2>\n\n\n\n<div class=\"wp-block-popmat-grid grid grid-3\">\n\n\n\t\t<div class=\"wp-block-popmat-post-teaser\">\n\t\t\t<a href=\"https:\/\/populationmatters.org\/news\/2024\/09\/the-summit-of-the-future-a-unique-opportunity-for-change\/\">\n\t\t\t\t<h3>The Summit of the Future: A Unique Opportunity for Change<\/h3>\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"768\" src=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/UNGA-768x768.png\" class=\"wp-image-14841\" srcset=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/UNGA-768x768.png 768w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/UNGA-300x300.png 300w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/UNGA-1024x1024.png 1024w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/UNGA-150x150.png 150w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/UNGA.png 1080w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/img>\n\t\t\t\t<p>We are thrilled to be part of the Summit of the Future this week, a \u2018once-in-a-generation opportunity\u2019 aimed at accelerating progress on the 2030 Agenda and addressing other critical global challenges.<\/p>\n\t\t\t<\/a>\n\t\t<\/div>\n\n\n\n\t\t<div class=\"wp-block-popmat-post-teaser\">\n\t\t\t<a href=\"https:\/\/populationmatters.org\/news\/2024\/09\/redistribute-resources-eliminate-waste-circular-economy-part-one\/\">\n\t\t\t\t<h3>Redistribute Resources, Eliminate Waste: Circular Economy &#8211; Part One<\/h3>\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"512\" src=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/paulo-carrolo-nba9MRXrZE4-unsplash-768x512.jpg\" class=\"wp-image-14790\" srcset=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/paulo-carrolo-nba9MRXrZE4-unsplash-768x512.jpg 768w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/paulo-carrolo-nba9MRXrZE4-unsplash-300x200.jpg 300w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/paulo-carrolo-nba9MRXrZE4-unsplash-1024x683.jpg 1024w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/paulo-carrolo-nba9MRXrZE4-unsplash-1536x1024.jpg 1536w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/paulo-carrolo-nba9MRXrZE4-unsplash-2048x1365.jpg 2048w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/img>\n\t\t\t\t<p>A Circular Economy is an alternative economic model focused on the redistribution of resources and elimination of waste, for the betterment of both people and the planet. But is it achievable in a growth obsessed world?<\/p>\n\t\t\t<\/a>\n\t\t<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"How can we reorient economies to prioritise people and the planet over profit? The Care Economy is one such reimagining, that values human wellbeing and sustainability above traditional profit-driven approaches, which undervalue and neglect care work.\u00a0","protected":false},"author":14,"featured_media":15088,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[13],"class_list":["post-15082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-economics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rethinking Prosperity: How the Care Economy Redefines Success - Population Matters<\/title>\n<meta name=\"description\" content=\"The care economy is an emerging model that values human wellbeing and sustainability above traditional profit-driven approaches.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/populationmatters.org\/news\/2024\/10\/rethinking-prosperity-how-the-care-economy-redefines-success\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rethinking Prosperity: How the Care Economy Redefines Success\" \/>\n<meta property=\"og:description\" content=\"How can we reorient economies to prioritise people and the planet over profit? The Care Economy is one such reimagining, that values human wellbeing and sustainability above traditional profit-driven approaches, which undervalue and neglect care work.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/populationmatters.org\/news\/2024\/10\/rethinking-prosperity-how-the-care-economy-redefines-success\/\" \/>\n<meta property=\"og:site_name\" content=\"Population Matters\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/PopulationMatters\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-28T12:32:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-28T12:58:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dominik-lange-unsplash-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Florence Blondel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Rethinking Prosperity: How the Care Economy Redefines Success\" \/>\n<meta name=\"twitter:description\" content=\"How can we reorient economies to prioritise people and the planet over profit? 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