[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Just over a mile away from here
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in Edinburgh's old town
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is Panmure House.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Panmure House
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,was the home of the world-renowned\NScottish economist Adam Smith.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In his important work\N"The Wealth of Nations,"
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Adam Smith argued,\Namongst many other things,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that the measurement of a country's wealth
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,was not just its gold and silver reserves.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It was the totality of the country's\Nproduction and commerce.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I guess it was one of the earliest\Ndescriptions of what we now know today
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,as Gross Domestic Product, GDP.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Now, in the years since, of course,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that measurement\Nof production and commerce,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,GDP, has become ever more important,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to the point that today,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and I don't believe that this\Nis what Adam Smith would have intended,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that it is often seen as\Nthe most important measurement
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of a country's overall success.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And my argument today
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is that it is time for that to change.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,You know, what we choose to measure\Nas a country matters.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It really matters, because\Nit drives political focus,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,it drives at public activity,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and against that context,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I think the limitations of GDP\Nas a measurement of a country's success
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is all too obvious.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,You know, GDP measures\Nthe output of all of our work,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,but it says nothing about\Nthe nature of that work,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,about whether that work\Nis worthwhile or fulfilling.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It puts a value, for example,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,on illegal drug consumption,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,but not on unpaid care.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It values activity in the short term\Nthat boosts the economy
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,even if that activity is hugely damaging
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to the sustainability of our planet
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in the longer term.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And when we reflect on the past decade\Nof political and economic upheaval,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of growing inequalities,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and when we look ahead to the challenges\Nof the climate emergency,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,increasing automation,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,an aging population,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,then I think the argument for the case\Nfor a much broader definition
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of what it means to be successful\Nas a country, as a society,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is compelling, and increasingly so.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And that is why Scotland in 2018
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,took the lead, took the initiative\Nin establishing a new network
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,called the Wellbeing Economy\NGovernments group,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,bringing together as founding members
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the countries of Scotland, Iceland,\Nand New Zealand for obvious reasons.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,We're sometimes called the SIN countries,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,although our focus is very much\Non the common good.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And the purpose of this group\Nis to challenge that focus
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,on the narrow measurement of GDP,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to say that, yes, economic growth matters.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It is important.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But it is not all that is important.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And growth in GDP should not be pursued
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,at any or all cost.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In fact, the argument of that group
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is that the goal, the objective\Nof economic policy
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,should be collective wellbeing:
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,how happy and healthy a population is,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,not just how wealthy a population is.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And I will touch on the policy\Nimplications of that in a moment,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,but I think particularly\Nin the world we live in today
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,it has a deeper resonance.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,You know, when we focus on wellbeing,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,we start a conversation
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that provokes profound\Nand fundamental questions.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,What really matters to us in our lives?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,What do we value in\Nthe communities we live in?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,What kind of country,\Nwhat kind of society,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,do we really want to be?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And when we engage people\Nin those questions,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in finding the answers to those questions,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,then I believe that we have\Na much better chance
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of addressing the alienation\Nand disaffection from politics
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that is so prevalent in so many countries
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,across the developed world today.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In policy terms, this journey\Nfor Scotland started back in 2007
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,when we published what we call\Nour National Performance Framework,