Treasury Living Standards Dashboard : Monitoring Intergenerational Wellbeing Conal Smith June 2018
The Treasury Living Standards Dashboard • A framework for measuring the wellbeing of New Zealanders • A list of proposed indicators • A proposal for reporting • Recommendations on data and next steps
Framework • Tells us what to measure and shows how things fit together • Consistent with standard economic frameworks • Grounded in international standards (OECD, UNECE, Sen/Stiglitz/Fitoussi) • Supported by good evidence from a range of different sources
Framework Current wellbeing Life Satisfaction Market outcomes Non-market outcomes • • Material standard of living Health • • Housing Knowledge and skills • • Jobs and earnings Leisure and recreation • Cultural Identity / Ūkaipōtanga • Safety • Environmental quality • Civic engagement and governance • Social connections • Self and aspirations Multifactor Productivity Affect current wellbeing directly Context Use of capital stocks Demographics Investment in Culture in production of capital stocks Innovation wellbeing outcomes etc… Affect capital accumulation Future wellbeing The Four Capitals Intergenerational wellbeing relies on the growth, distribution, and sustainability of the Four Capitals. The Net claims on rest of world Capitals are interdependent and work together to support wellbeing. Net flows to Natural Capital Human Capital rest of world This refers to all aspects of the natural This encompasses people’s skills, environment needed to support life and knowledge and physical and mental health. human activity. It includes land, soil, water, These are the things which enable people plants and animals, as well as minerals and to participate fully in work, study, energy resources. recreation and in society more broadly. Social Capital Produced Capital This describes the norms and values that This includes things like houses, roads, underpin society. It includes things like buildings, hospitals, factories, equipment trust, the rule of law, the Crown-M ā ori and investments. These are the things which relationship, cultural identity, and the make up the country’s produced assets connections between people and which have a direct role in supporting communities. incomes and material living conditions.
Framework Current wellbeing Life Satisfaction Market outcomes Non-market outcomes • • Material standard of living Health • • Housing Knowledge and skills • • Jobs and earnings Leisure and recreation • Cultural Identity / Ūkaipōtanga • Safety • Environmental quality • Civic engagement and governance • Social connections • Self and aspirations Multifactor Productivity Affect current wellbeing directly Context Use of capital stocks Demographics Investment in Culture in production of capital stocks Innovation wellbeing outcomes etc… Affect capital accumulation Future wellbeing The Four Capitals Intergenerational wellbeing relies on the growth, distribution, and sustainability of the Four Capitals. The Net claims on rest of world Capitals are interdependent and work together to support wellbeing. Net flows to Natural Capital Human Capital rest of world This refers to all aspects of the natural This encompasses people’s skills, environment needed to support life and knowledge and physical and mental health. human activity. It includes land, soil, water, These are the things which enable people plants and animals, as well as minerals and to participate fully in work, study, energy resources. recreation and in society more broadly. Social Capital Produced Capital This describes the norms and values that This includes things like houses, roads, underpin society. It includes things like buildings, hospitals, factories, equipment trust, the rule of law, the Crown-M ā ori and investments. These are the things which relationship, cultural identity, and the make up the country’s produced assets connections between people and which have a direct role in supporting communities. incomes and material living conditions.
Framework Current wellbeing Life Satisfaction Market outcomes Non-market outcomes • • Material standard of living Health • • Housing Knowledge and skills • • Jobs and earnings Leisure and recreation • Cultural Identity / Ūkaipōtanga • Safety • Environmental quality • Civic engagement and governance • Social connections • Self and aspirations Multifactor Productivity Affect current wellbeing directly Context Use of capital stocks Demographics Investment in Culture in production of capital stocks Innovation wellbeing outcomes etc… Affect capital accumulation Future wellbeing The Four Capitals Intergenerational wellbeing relies on the growth, distribution, and sustainability of the Four Capitals. The Net claims on rest of world Capitals are interdependent and work together to support wellbeing. Net flows to Natural Capital Human Capital rest of world This refers to all aspects of the natural This encompasses people’s skills, environment needed to support life and knowledge and physical and mental health. human activity. It includes land, soil, water, These are the things which enable people plants and animals, as well as minerals and to participate fully in work, study, energy resources. recreation and in society more broadly. Social Capital Produced Capital This describes the norms and values that This includes things like houses, roads, underpin society. It includes things like buildings, hospitals, factories, equipment trust, the rule of law, the Crown-M ā ori and investments. These are the things which relationship, cultural identity, and the make up the country’s produced assets connections between people and which have a direct role in supporting communities. incomes and material living conditions.
Framework Current wellbeing Life Satisfaction Market outcomes Non-market outcomes • • Material standard of living Health • • Housing Knowledge and skills • • Jobs and earnings Leisure and recreation • Cultural Identity / Ūkaipōtanga • Safety • Environmental quality • Civic engagement and governance • Social connections • Self and aspirations Multifactor Productivity Affect current wellbeing directly Context Use of capital stocks Demographics Investment in Culture in production of capital stocks Innovation wellbeing outcomes etc… Affect capital accumulation Future wellbeing The Four Capitals Intergenerational wellbeing relies on the growth, distribution, and sustainability of the Four Capitals. The Net claims on rest of world Capitals are interdependent and work together to support wellbeing. Net flows to Natural Capital Human Capital rest of world This refers to all aspects of the natural This encompasses people’s skills, environment needed to support life and knowledge and physical and mental health. human activity. It includes land, soil, water, These are the things which enable people plants and animals, as well as minerals and to participate fully in work, study, energy resources. recreation and in society more broadly. Social Capital Produced Capital This describes the norms and values that This includes things like houses, roads, underpin society. It includes things like buildings, hospitals, factories, equipment trust, the rule of law, the Crown-M ā ori and investments. These are the things which relationship, cultural identity, and the make up the country’s produced assets connections between people and which have a direct role in supporting communities. incomes and material living conditions.
Framework Current wellbeing Life Satisfaction Market outcomes Non-market outcomes • • Material standard of living Health • • Housing Knowledge and skills • • Jobs and earnings Leisure and recreation • Cultural Identity / Ūkaipōtanga • Safety • Environmental quality • Civic engagement and governance • Social connections • Self and aspirations Multifactor Productivity Affect current wellbeing directly Context Use of capital stocks Demographics Investment in Culture in production of capital stocks Innovation wellbeing outcomes etc… Affect capital accumulation Future wellbeing The Four Capitals Intergenerational wellbeing relies on the growth, distribution, and sustainability of the Four Capitals. The Net claims on rest of world Capitals are interdependent and work together to support wellbeing. Net flows to Natural Capital Human Capital rest of world This refers to all aspects of the natural This encompasses people’s skills, environment needed to support life and knowledge and physical and mental health. human activity. It includes land, soil, water, These are the things which enable people plants and animals, as well as minerals and to participate fully in work, study, energy resources. recreation and in society more broadly. Social Capital Produced Capital This describes the norms and values that This includes things like houses, roads, underpin society. It includes things like buildings, hospitals, factories, equipment trust, the rule of law, the Crown-M ā ori and investments. These are the things which relationship, cultural identity, and the make up the country’s produced assets connections between people and which have a direct role in supporting communities. incomes and material living conditions.
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