[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.73,0:00:06.66,Default,,0000,0000,0000,,Just over a mile away from here,\Nin Edinburgh's Old Town,
Dialogue: 0,0:00:06.69,0:00:08.65,Default,,0000,0000,0000,,is Panmure House.
Dialogue: 0,0:00:09.78,0:00:11.27,Default,,0000,0000,0000,,Panmure House
Dialogue: 0,0:00:11.29,0:00:17.60,Default,,0000,0000,0000,,was the home of the world-renowned\NScottish economist
Dialogue: 0,0:00:17.63,0:00:18.78,Default,,0000,0000,0000,,Adam Smith.
Dialogue: 0,0:00:19.76,0:00:25.17,Default,,0000,0000,0000,,In his important work\N"The Wealth of Nations,"
Dialogue: 0,0:00:25.19,0:00:29.02,Default,,0000,0000,0000,,Adam Smith argued,\Namongst many other things,
Dialogue: 0,0:00:29.04,0:00:32.02,Default,,0000,0000,0000,,that the measurement of a country's wealth
Dialogue: 0,0:00:32.04,0:00:36.46,Default,,0000,0000,0000,,was not just its gold and silver reserves.
Dialogue: 0,0:00:36.48,0:00:42.24,Default,,0000,0000,0000,,It was the totality of the country's\Nproduction and commerce.
Dialogue: 0,0:00:42.26,0:00:48.53,Default,,0000,0000,0000,,I guess it was one of the earliest\Ndescriptions of what we now know today
Dialogue: 0,0:00:48.55,0:00:52.36,Default,,0000,0000,0000,,as gross domestic product, GDP.
Dialogue: 0,0:00:53.18,0:00:56.28,Default,,0000,0000,0000,,Now, in the years since, of course,
Dialogue: 0,0:00:56.30,0:01:01.72,Default,,0000,0000,0000,,that measurement\Nof production and commerce, GDP,
Dialogue: 0,0:01:01.74,0:01:04.68,Default,,0000,0000,0000,,has become ever more important,
Dialogue: 0,0:01:04.70,0:01:05.98,Default,,0000,0000,0000,,to the point that today --
Dialogue: 0,0:01:06.01,0:01:09.95,Default,,0000,0000,0000,,and I don't believe this\Nis what Adam Smith would have intended --
Dialogue: 0,0:01:09.97,0:01:15.16,Default,,0000,0000,0000,,that it is often seen as\Nthe most important measurement
Dialogue: 0,0:01:15.19,0:01:17.64,Default,,0000,0000,0000,,of a country's overall success.
Dialogue: 0,0:01:18.24,0:01:23.69,Default,,0000,0000,0000,,And my argument today\Nis that it is time for that to change.
Dialogue: 0,0:01:24.85,0:01:29.83,Default,,0000,0000,0000,,You know, what we choose to measure\Nas a country matters.
Dialogue: 0,0:01:29.85,0:01:34.34,Default,,0000,0000,0000,,It really matters,\Nbecause it drives political focus,
Dialogue: 0,0:01:34.37,0:01:38.37,Default,,0000,0000,0000,,it drives public activity.
Dialogue: 0,0:01:38.40,0:01:40.47,Default,,0000,0000,0000,,And against that context,
Dialogue: 0,0:01:40.50,0:01:47.01,Default,,0000,0000,0000,,I think the limitations of GDP\Nas a measurement of a country's success
Dialogue: 0,0:01:47.04,0:01:50.28,Default,,0000,0000,0000,,are all too obvious.
Dialogue: 0,0:01:50.30,0:01:55.49,Default,,0000,0000,0000,,You know, GDP measures\Nthe output of all of our work,
Dialogue: 0,0:01:55.51,0:01:58.94,Default,,0000,0000,0000,,but it says nothing\Nabout the nature of that work,
Dialogue: 0,0:01:58.96,0:02:03.39,Default,,0000,0000,0000,,about whether that work\Nis worthwhile or fulfilling.
Dialogue: 0,0:02:03.42,0:02:09.96,Default,,0000,0000,0000,,It puts a value, for example,\Non illegal drug consumption,
Dialogue: 0,0:02:09.98,0:02:12.59,Default,,0000,0000,0000,,but not on unpaid care.
Dialogue: 0,0:02:13.71,0:02:18.40,Default,,0000,0000,0000,,It values activity in the short term
Dialogue: 0,0:02:18.42,0:02:25.07,Default,,0000,0000,0000,,that boosts the economy,\Neven if that activity is hugely damaging
Dialogue: 0,0:02:25.09,0:02:29.85,Default,,0000,0000,0000,,to the sustainability of our planet\Nin the longer term.
Dialogue: 0,0:02:30.53,0:02:34.22,Default,,0000,0000,0000,,And we reflect on the past decade
Dialogue: 0,0:02:34.25,0:02:37.66,Default,,0000,0000,0000,,of political and economic upheaval,
Dialogue: 0,0:02:37.68,0:02:40.68,Default,,0000,0000,0000,,of growing inequalities,
Dialogue: 0,0:02:40.71,0:02:46.06,Default,,0000,0000,0000,,and when we look ahead to the challenges\Nof the climate emergency,
Dialogue: 0,0:02:46.08,0:02:48.35,Default,,0000,0000,0000,,increasing automation,
Dialogue: 0,0:02:48.37,0:02:51.66,Default,,0000,0000,0000,,an aging population,
Dialogue: 0,0:02:51.69,0:02:58.69,Default,,0000,0000,0000,,then I think the argument for the case\Nfor a much broader definition
Dialogue: 0,0:02:58.71,0:03:03.35,Default,,0000,0000,0000,,of what it means to be successful\Nas a country, as a society,
Dialogue: 0,0:03:03.37,0:03:06.68,Default,,0000,0000,0000,,is compelling, and increasingly so.
Dialogue: 0,0:03:07.25,0:03:10.08,Default,,0000,0000,0000,,And that is why Scotland, in 2018,
Dialogue: 0,0:03:10.10,0:03:14.98,Default,,0000,0000,0000,,took the lead, took the initiative\Nin establishing a new network
Dialogue: 0,0:03:15.01,0:03:20.91,Default,,0000,0000,0000,,called the Wellbeing Economy\NGovernments group,
Dialogue: 0,0:03:20.94,0:03:23.22,Default,,0000,0000,0000,,bringing together as founding members
Dialogue: 0,0:03:23.24,0:03:29.81,Default,,0000,0000,0000,,the countries of Scotland, Iceland\Nand New Zealand, for obvious reasons.
Dialogue: 0,0:03:29.84,0:03:33.42,Default,,0000,0000,0000,,We're sometimes called the SIN countries,
Dialogue: 0,0:03:33.44,0:03:37.41,Default,,0000,0000,0000,,although our focus is very much\Non the common good.
Dialogue: 0,0:03:38.44,0:03:41.77,Default,,0000,0000,0000,,And the purpose of this group\Nis to challenge that focus
Dialogue: 0,0:03:41.80,0:03:44.50,Default,,0000,0000,0000,,on the narrow measurement of GDP.
Dialogue: 0,0:03:44.52,0:03:48.25,Default,,0000,0000,0000,,To say that, yes,\Neconomic growth matters --
Dialogue: 0,0:03:48.27,0:03:50.17,Default,,0000,0000,0000,,it is important --
Dialogue: 0,0:03:50.20,0:03:53.92,Default,,0000,0000,0000,,but it is not all that is important.
Dialogue: 0,0:03:53.94,0:04:00.20,Default,,0000,0000,0000,,And growth in GDP should not be pursued\Nat any or all cost.
Dialogue: 0,0:04:00.90,0:04:03.63,Default,,0000,0000,0000,,In fact, the argument of that group
Dialogue: 0,0:04:03.66,0:04:08.31,Default,,0000,0000,0000,,is that the goal, the objective\Nof economic policy
Dialogue: 0,0:04:08.33,0:04:11.44,Default,,0000,0000,0000,,should be collective well-being:
Dialogue: 0,0:04:11.46,0:04:15.35,Default,,0000,0000,0000,,how happy and healthy a population is,
Dialogue: 0,0:04:15.38,0:04:18.74,Default,,0000,0000,0000,,not just how wealthy a population is.
Dialogue: 0,0:04:18.77,0:04:22.35,Default,,0000,0000,0000,,And I'll touch on the policy\Nimplications of that in a moment.
Dialogue: 0,0:04:22.37,0:04:25.30,Default,,0000,0000,0000,,But I think, particularly\Nin the world we live in today,
Dialogue: 0,0:04:25.32,0:04:27.50,Default,,0000,0000,0000,,it has a deeper resonance.
Dialogue: 0,0:04:27.52,0:04:30.06,Default,,0000,0000,0000,,You know, when we focus on well-being,
Dialogue: 0,0:04:30.09,0:04:32.92,Default,,0000,0000,0000,,we start a conversation
Dialogue: 0,0:04:32.95,0:04:36.91,Default,,0000,0000,0000,,that provokes profound\Nand fundamental questions.
Dialogue: 0,0:04:36.93,0:04:40.20,Default,,0000,0000,0000,,What really matters to us in our lives?
Dialogue: 0,0:04:40.94,0:04:45.32,Default,,0000,0000,0000,,What do we value\Nin the communities we live in?
Dialogue: 0,0:04:45.34,0:04:49.09,Default,,0000,0000,0000,,What kind of country,\Nwhat kind of society,
Dialogue: 0,0:04:49.11,0:04:51.50,Default,,0000,0000,0000,,do we really want to be?
Dialogue: 0,0:04:51.88,0:04:55.20,Default,,0000,0000,0000,,And when we engage people\Nin those questions,
Dialogue: 0,0:04:55.22,0:04:57.28,Default,,0000,0000,0000,,in finding the answers to those questions,
Dialogue: 0,0:04:57.31,0:05:01.20,Default,,0000,0000,0000,,then I believe that we have\Na much better chance
Dialogue: 0,0:05:01.23,0:05:06.62,Default,,0000,0000,0000,,of addressing the alienation\Nand disaffection from politics
Dialogue: 0,0:05:06.65,0:05:09.13,Default,,0000,0000,0000,,that is so prevalent in so many countries
Dialogue: 0,0:05:09.15,0:05:11.57,Default,,0000,0000,0000,,across the developed world today.
Dialogue: 0,0:05:12.36,0:05:16.16,Default,,0000,0000,0000,,In policy terms, this journey\Nfor Scotland started back in 2007,
Dialogue: 0,0:05:16.19,0:05:20.06,Default,,0000,0000,0000,,when we published what we call\Nour National Performance Framework,
Dialogue: 0,0:05:20.09,0:05:23.94,Default,,0000,0000,0000,,looking at the range of indicators\Nthat we measure ourselves against.
Dialogue: 0,0:05:23.97,0:05:28.28,Default,,0000,0000,0000,,And those indicators\Nare as varied as income inequality,
Dialogue: 0,0:05:28.30,0:05:30.14,Default,,0000,0000,0000,,the happiness of children,
Dialogue: 0,0:05:30.17,0:05:33.91,Default,,0000,0000,0000,,access to green spaces, access to housing.
Dialogue: 0,0:05:33.93,0:05:37.84,Default,,0000,0000,0000,,None of these are captured\Nin GDP statistics,
Dialogue: 0,0:05:37.86,0:05:44.06,Default,,0000,0000,0000,,but they are all fundamental\Nto a healthy and a happy society.
Dialogue: 0,0:05:44.09,0:05:49.72,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:05:49.74,0:05:53.32,Default,,0000,0000,0000,,And that broader approach is at the heart\Nof our economic strategy,
Dialogue: 0,0:05:53.34,0:05:57.20,Default,,0000,0000,0000,,where we give equal importance\Nto tackling inequality
Dialogue: 0,0:05:57.22,0:06:00.47,Default,,0000,0000,0000,,as we do to economic competitiveness.
Dialogue: 0,0:06:00.50,0:06:02.38,Default,,0000,0000,0000,,It drives our commitment to fair work,
Dialogue: 0,0:06:02.41,0:06:05.23,Default,,0000,0000,0000,,making sure that work\Nis fulfilling and well-paid.
Dialogue: 0,0:06:05.26,0:06:09.40,Default,,0000,0000,0000,,It's behind our decision to establish\Na Just Transition Commission
Dialogue: 0,0:06:09.42,0:06:13.40,Default,,0000,0000,0000,,to guide our path\Nto a carbon zero economy.
Dialogue: 0,0:06:13.43,0:06:16.79,Default,,0000,0000,0000,,We know from economic\Ntransformations of the past
Dialogue: 0,0:06:16.82,0:06:20.55,Default,,0000,0000,0000,,that if we're not careful,\Nthere are more losers than winners.
Dialogue: 0,0:06:20.58,0:06:24.54,Default,,0000,0000,0000,,And as we face up to the challenges\Nof climate change and automation,
Dialogue: 0,0:06:24.57,0:06:27.93,Default,,0000,0000,0000,,we must not make those mistakes again.
Dialogue: 0,0:06:28.61,0:06:31.69,Default,,0000,0000,0000,,The work we're doing here in Scotland\Nis, I think, significant,
Dialogue: 0,0:06:31.71,0:06:34.93,Default,,0000,0000,0000,,but we have much, much to learn\Nfrom other countries.
Dialogue: 0,0:06:34.96,0:06:38.15,Default,,0000,0000,0000,,I mentioned, a moment ago,\Nour partner nations
Dialogue: 0,0:06:38.18,0:06:40.82,Default,,0000,0000,0000,,in the Wellbeing network:
Dialogue: 0,0:06:40.84,0:06:42.70,Default,,0000,0000,0000,,Iceland and New Zealand.
Dialogue: 0,0:06:42.72,0:06:46.90,Default,,0000,0000,0000,,It's worth noting, and I'll leave it to you\Nto decide whether this is relevant or not,
Dialogue: 0,0:06:46.93,0:06:50.70,Default,,0000,0000,0000,,that all three of these countries\Nare currently led by women.
Dialogue: 0,0:06:50.72,0:06:57.72,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:07:02.00,0:07:03.93,Default,,0000,0000,0000,,They, too, are doing great work.
Dialogue: 0,0:07:03.95,0:07:08.78,Default,,0000,0000,0000,,New Zealand, in 2019,\Npublishing its first Wellbeing Budget,
Dialogue: 0,0:07:08.80,0:07:11.41,Default,,0000,0000,0000,,with mental health at its heart;
Dialogue: 0,0:07:11.43,0:07:16.68,Default,,0000,0000,0000,,Iceland leading the way on equal pay,\Nchildcare and paternity rights --
Dialogue: 0,0:07:16.71,0:07:20.17,Default,,0000,0000,0000,,not policies that we immediately think of
Dialogue: 0,0:07:20.19,0:07:23.02,Default,,0000,0000,0000,,when we talk about\Ncreating a wealthy economy,
Dialogue: 0,0:07:23.04,0:07:27.62,Default,,0000,0000,0000,,but policies that are fundamental\Nto a healthy economy
Dialogue: 0,0:07:27.64,0:07:29.68,Default,,0000,0000,0000,,and a happy society.
Dialogue: 0,0:07:30.18,0:07:35.11,Default,,0000,0000,0000,,I started with Adam Smith\Nand "The Wealth of Nations."
Dialogue: 0,0:07:35.14,0:07:40.33,Default,,0000,0000,0000,,In Adam Smith's earlier work,\N"The Theory of Moral Sentiments,"
Dialogue: 0,0:07:40.36,0:07:42.91,Default,,0000,0000,0000,,which I think is just as important,
Dialogue: 0,0:07:42.93,0:07:47.46,Default,,0000,0000,0000,,he made the observation\Nthat the value of any government
Dialogue: 0,0:07:47.49,0:07:49.34,Default,,0000,0000,0000,,is judged in proportion
Dialogue: 0,0:07:49.37,0:07:52.10,Default,,0000,0000,0000,,to the extent that it makes\Nits people happy.
Dialogue: 0,0:07:52.83,0:07:56.50,Default,,0000,0000,0000,,I think that is a good founding principle
Dialogue: 0,0:07:56.52,0:08:02.38,Default,,0000,0000,0000,,for any group of countries\Nfocused on promoting well-being.
Dialogue: 0,0:08:02.40,0:08:04.99,Default,,0000,0000,0000,,None of us have all of the answers,
Dialogue: 0,0:08:05.02,0:08:08.69,Default,,0000,0000,0000,,not even Scotland,\Nthe birthplace of Adam Smith.
Dialogue: 0,0:08:08.72,0:08:13.45,Default,,0000,0000,0000,,But in the world we live in today,\Nwith growing divides and inequalities,
Dialogue: 0,0:08:13.47,0:08:16.04,Default,,0000,0000,0000,,with disaffection and alienation,
Dialogue: 0,0:08:16.06,0:08:17.83,Default,,0000,0000,0000,,it is more important than ever
Dialogue: 0,0:08:17.85,0:08:21.92,Default,,0000,0000,0000,,that we ask and find the answers\Nto those questions
Dialogue: 0,0:08:21.95,0:08:25.57,Default,,0000,0000,0000,,and promote a vision of society
Dialogue: 0,0:08:25.59,0:08:32.32,Default,,0000,0000,0000,,that has well-being,\Nnot just wealth, at its very heart.
Dialogue: 0,0:08:32.35,0:08:37.86,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:08:37.89,0:08:43.33,Default,,0000,0000,0000,,You are right now in the beautiful,\Nsunny capital city ...
Dialogue: 0,0:08:43.36,0:08:45.10,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:08:45.13,0:08:50.45,Default,,0000,0000,0000,,of the country that led the world\Nin the Enlightenment,
Dialogue: 0,0:08:50.48,0:08:53.51,Default,,0000,0000,0000,,the country that helped lead the world\Ninto the industrial age,
Dialogue: 0,0:08:53.53,0:08:56.36,Default,,0000,0000,0000,,the country that right now\Nis helping to lead the world
Dialogue: 0,0:08:56.38,0:08:58.64,Default,,0000,0000,0000,,into the low carbon age.
Dialogue: 0,0:08:58.66,0:09:04.07,Default,,0000,0000,0000,,I want, and I'm determined,\Nthat Scotland will also be the country
Dialogue: 0,0:09:04.09,0:09:09.09,Default,,0000,0000,0000,,that helps change the focus of countries\Nand governments across the world
Dialogue: 0,0:09:09.12,0:09:13.60,Default,,0000,0000,0000,,to put well-being at the heart\Nof everything that we do.
Dialogue: 0,0:09:13.62,0:09:17.51,Default,,0000,0000,0000,,I think we owe that to this generation.
Dialogue: 0,0:09:17.53,0:09:21.34,Default,,0000,0000,0000,,I certainly believe we owe that\Nto the next generation
Dialogue: 0,0:09:21.36,0:09:23.58,Default,,0000,0000,0000,,and all those that come after us.
Dialogue: 0,0:09:23.60,0:09:27.47,Default,,0000,0000,0000,,And if we do that, led here\Nfrom the country of the Enlightenment,
Dialogue: 0,0:09:27.49,0:09:31.78,Default,,0000,0000,0000,,then I think we create\Na better, healthier, fairer
Dialogue: 0,0:09:31.81,0:09:34.24,Default,,0000,0000,0000,,and happier society here at home.
Dialogue: 0,0:09:34.26,0:09:36.29,Default,,0000,0000,0000,,And we play our part in Scotland
Dialogue: 0,0:09:36.32,0:09:40.53,Default,,0000,0000,0000,,in building a fairer,\Nhappier world as well.
Dialogue: 0,0:09:40.56,0:09:41.94,Default,,0000,0000,0000,,Thank you very much.
Dialogue: 0,0:09:41.97,0:09:47.53,Default,,0000,0000,0000,,(Applause)