1. Re-envision what we mean by ‘the economy’
What needs to happen?
Our conception of ‘the economy’ and what counts as ‘economic policy’ must change, to include the centrality of care, to recognise and value unpaid work as well as paid work, the importance of time as well as money, wellbeing as well as output of goods and services, ecological limits as well as human innovations.
How should things change?
Recommendations to all governments and local authorities across the UK:
- Recognise the economic value of unpaid work
- Monitor progress towards the creation of a caring economy using an aggregate wellbeing indicator
- Reimagine costs, efficiency and productivity so that social value, environmental value, wellbeing and unpaid time are taken into account, rather than only ‘market value’
- Assess all policies for their impact on people’s abilities to receive and provide care, both paid and unpaid
- Ensure that the impact of all economic policies on equalities is properly assessed and bold action is taken to mitigate any negative impacts