Building a knowledge-based wellbeing economy in Finland – a project to develop policy tools

THL's Building a Knowledge-based wellbeing economy framework for Finland -project (2022-2024) develops tools for wellbeing economy decision making. The wellbeing economy is wellbeing-oriented policy governance, which can take place at all levels and in all areas of administrative decision-making. By examining the inter-linkages between the different components of wellbeing, the solutions sought aim to achieve a better balance between economic, social and environmental sustainability. A key element of wellbeing economic decision-making is that the development of human and natural wellbeing is taken into account in all decision-making, including economic decision-making.

The project will identify best practices in the wellbeing economy, develop a proposal for Finland on a governance model and indicators for the wellbeing economy and produce proposals for monitoring the wellbeing economy. Through five research projects, it will also develop the knowledge base for the assessment of wellbeing measures and costs and the knowledge base for the wellbeing economy.

The project will cooperate closely at national level, in particular with ministries, and internationally with organisations developing the wellbeing economy (e.g. WHO, OECD) and countries implementing the welfare economy. The project is funded by the EU's Recovery and Resilience Facility (RRF) as part of Finland's Sustainable Growth Programme.

Objectives

The goal of the project is to

map out best international practices about wellbeing economic governance models and wellbeing metrics
develop a proposal for a wellbeing economy governance model and wellbeing indicators for Finland
develop proposals in cooperation with ministries and other key actors on how decision-making can be improved by effectively utilizing wellbeing monitoring tools
through research case studies, develop a knowledge base for wellbeing economy and provide impact assessments of broad wellbeing impacts of policy measures.

Implementation

In cooperation with ministries and other key actors, the project will develop a proposal on how decision-making can be improved by making more effective use of information generated through a wellbeing economy lens.

A proposal for a wellbeing economy framework – a steering model and an indicator set

The project develops a proposal for a wellbeing economy steering model and a set of wellbeing indicators for Finland, which will incorporate the economic, social and ecological sustainability considerations. In addition, the project will launch a web platform to provide a tool for monitoring and evaluating the country’s wellbeing economy goals and outcomes.

To best understand what type of steering models and wellbeing economy indicators would work best in Finland, the project will map out best international practices through examining reviews, interviews and benchmarking workshops. The project will also explore and analyse the existing role of wellbeing-centered goal-setting and monitoring within central government.

Strengthening the knowledge base of the wellbeing economy approach

The project includes five case studies that aim to assess the kinds of policies that can generate and promote wide-scale wellbeing effects. The case studies bring together previous and ongoing research related to the Finnish wellbeing economy and point out need for supplementary knowledge-creation to support evidence-informed decision-making.

Case studies

Wellbeing Effects of Child Protection Services
Parental Job Loss and Children's Socioeconomic Disadvantage
Wellbeing Effects of Preventive and Supplementary Income Support
Employment Services’ Well-Being Dimensions: Analysis of Jobseekers’ Subjective Experiences
The Well-Being Dimensions of Day Centres for the Elderly