Experts back call to transform Scotland’s economy

Transform Our Economy alliance

Press Release

Experts back call to transform Scotland’s economy, protect the planet and provide wellbeing for all

Calls for radical, transformative changes to Scotland’s economy in order to ensure wellbeing for all within our environmental limits have been backed by almost 40 leading economists and climate change academics.

In advance of the publication by the Scottish Government of its new economic strategy on Tuesday 1 March, these experts have endorsed Ten Points for a Transformative Economic Strategy produced by the ‘Transform Our Economy’ alliance.

These ideas outline a new purpose at the heart of our economy: providing wellbeing for all within environmental limits. They will require the government to set the trajectory for the economy and present a credible plan for delivery using all the powers at their disposal.

The alliance, comprising Scottish Environment LINK, Friends of the Earth Scotland and Wellbeing Economy Alliance Scotland, is also calling for much more extensive public debate about the direction of our economy and believes that participation from workers, affected communities and those who are in greatest need of economic transformation has been lacking.

Matthew Crighton, Sustainable Economy Adviser at Friends of the Earth Scotland said,

“In the midst of climate and nature emergencies, with too many people trapped in poverty and businesses still reeling from the impact of the pandemic, there is no question that economic transformation is needed.

“In the face of these challenges, the Scottish Government must plot a new direction in building a truly sustainable and just economy that can meet people’s needs.

“Recent history has shown us there is a persistent gap between high-level aspirations and the actual performance of the government in effectively intervening the economy in Scotland. The fear is that the new economic strategy won’t redesign the economy, but will instead continue to deliver inequality and environmental destruction.

“New ideas are sorely needed for a transformative economic agenda which can provide sufficient investment to deliver a just transition to zero carbon, integrate the protection of nature into economic decision making and ensure social equity and participation by currently marginalised groups.”

Professor Tim Jackson, Professor of Sustainable Development, University of Surrey and acclaimed author of Prosperity Without Growth backing the plan said,

“With the forthcoming 10-year Strategy for Economic Transformation the Scottish Government has a unique opportunity to make Scotland a global example of an economy that is fit to address the challenges of the 21st century, delivering wellbeing for all within environmental limits.

To do that, the Strategy needs to put at its heart care for people and planet, it needs to build on meaningful participation of those at the sharp end of our economy, and it needs to put in place measures which will give priority to ensuring people’s wellbeing rather than the pursuit of GDP growth for its own sake.”

The ten points proposed by the ‘Transform our Economy’ group offer a robust framework for building such a strategy. The Scottish Government would be well advised to take note.”

Professor Jan Webb, Professor of Sociology of Organisations, University of Edinburgh, and one of the 38 signatories, said,

“Orthodox economic strategy aims to maximise GDP, and then to make some adjustments for fairness and environmental harms. A transformative strategy, fit for addressing climate emergency and major inequalities, has to direct all economic action to achieving a fair, and sustainable, society. This means all investment prioritises decent work, zero waste, biodiversity and climate protection. I hope the Scottish Government will respond promptly and constructively to the Transform Our Economy alliance.”

The headings of the Ten Key Points are:

1. The goal: wellbeing for all within environmental limits
2.  Setting specific economic objectives to care for people and the planet
3. Using all the tools available to government to meet those objectives
4. Policies must show how the objectives can be achieved
5. Combat economic pressures which are helping cause the problems
6. Public priorities must lead the direction of development of the economy
7. Clear tests for all investment programmes
8. Measure performance through metrics which matter
9. An economic strategy for all sectors – economic transformation as a national mission
10. An inclusive and participatory process

The full text of the Key Points can be read at https://foe.scot/resource/criteria-nset-judgement/

The Ten Key Points have been endorsed by the following 38 leading academics:

Tim Jackson, Professor of Sustainable Development, University of Surrey
Jan Webb, Professor of Sociology of Organisations, University of Edinburgh
Dave Reay, Professor in Carbon Management and Education, University of Edinburgh
Miatta Fahnbulleh, Chief Executive, New Economics Foundation
Gerry McCartney, Professor of Wellbeing, Glasgow University
Kate Raworth, Senior Teaching Associate, Environmental Change Institute, University of Oxford
Mike Danson, Professor Emeritus of Enterprise Policy, Heriot-Watt University
James Curran, Visiting Professor, Centre for Sustainable Development, University of Strathclyde
Victoria Chick, Emeritus Professor of Economics, University College London
Dan O’Neill, Associate Professor in Ecological Economics, University of Leeds

Julia Steinberger, Professor of Societal Challenges of Climate Change, University of Lausanne
Malcolm Sawyer, Emeritus Professor, Leeds University Business School
Molly Scott-Cato, Professor of Green Economics, Roehampton University
Prof Christine Cooper, Professor of Accounting, Edinburgh University
Laurie Macfarlane, Head of Patient Finance, Institute for Innovation and Public Purpose, UCL
Camilla Toulmin, Professor in Practice at the Lancaster Environment Centre, Lancaster University
Beth Stratford, Fellow New Economics Foundation and the Wellbeing Economy Alliance
Gregor Gall, Affiliate Research Associate at the University of Glasgow
Grace Blakeley, Author and journalist
Nancy Folbre, Professor Emerita of Economics, University of Massachusetts

Eurig Scandrett, Senior Lecturer in Sociology, Queen Margaret University
Andrew Mearman, Associate Professor of Economics, Leeds University
John Barry, Professor, Queen’s University Belfast
Gary Dymski, Professor of Applied Economics, Leeds University
Yannis Dafermos, Senior Lecturer in Economics, SOAS
Mark Huxham, Professor, School of Applied Sciences, Napier University
Elizabeth Bomberg, Professor of Environmental Politics, University of Edinburgh
Dennis Mollison, Emeritus Professor of Applied Probability, Heriot-Watt
University
Karen Bell, Senior Lecturer in Urban Sustainable Development, Glasgow University
Elena Hofferberth, PhD student, Leeds University Business School

Tim Hayward, Professor of Environmental Political Theory, University of Edinburgh
Miriam Brett, Director of Research and Advocacy, Common Wealth
Andy Watterson, Professor, Public Health Researcher, Stirling University
Danny Wight, Professor, Institute of health and Wellbeing, University of Glasgow
Claire Duncanson, Senior Lecturer in International Relations, University of Edinburgh
Donald McKenzie, Professor, School of Social and Political Sciences, University of Edinburgh
Josh Ryan-Collins, Senior Research Fellow in Economics and Finance
Maria Nikolaidi, Associate Professor in Economics, Greenwich University