New Metrics for a New Economy: The B2T by 2020 Project

Abstract

The paper states that there is an urgent need for a paradigm shift toward a new multidimensional, multi-objective economy that serves a diversity of values alongside economic goals. The level of environmental and social threats is developing at an exponential rate and the need for drastic transformation is pressing. The paper warns that any system is guided by the metrics it uses. Metrics do not merely serve as tools for measuring results. They actually act as a compass or dashboard, leading us on our way. In recent years there have been many attempts to create an updated multidimensional dashboard. The OECD countries, for example, have developed what they call “Well-being Indicators.” The Kingdom of Bhutan has created a “Gross National Happiness” index, and the UN the Millennium Sustainable Goals. Such a paradigm shift requires immense investment; trillions of dollars per annum in impact investment. The only potential source of long-term financing is retirement programs. These can be either public sector or the pension plans, retirement and saving programs, and long-term life insurance products of the private sector. The financial institutions in the private sector currently manage for their customers an immense portfolio of approximately $80 trillion.