[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.95,0:00:03.84,Default,,0000,0000,0000,,Just over a mile away from here
Dialogue: 0,0:00:03.84,0:00:06.90,Default,,0000,0000,0000,,in Edinburgh's old town
Dialogue: 0,0:00:06.90,0:00:08.86,Default,,0000,0000,0000,,is Panmure House.
Dialogue: 0,0:00:09.95,0:00:11.57,Default,,0000,0000,0000,,Panmure House
Dialogue: 0,0:00:11.57,0:00:18.80,Default,,0000,0000,0000,,was the home of the world-renowned\NScottish economist Adam Smith.
Dialogue: 0,0:00:19.99,0:00:25.38,Default,,0000,0000,0000,,In his important work\N"The Wealth of Nations,"
Dialogue: 0,0:00:25.38,0:00:29.28,Default,,0000,0000,0000,,Adam Smith argued,\Namongst many other things,
Dialogue: 0,0:00:29.28,0:00:32.67,Default,,0000,0000,0000,,that the measurement of a country's wealth
Dialogue: 0,0:00:32.67,0:00:37.15,Default,,0000,0000,0000,,was not just its gold and silver reserves.
Dialogue: 0,0:00:37.15,0:00:42.14,Default,,0000,0000,0000,,It was the totality of the country's\Nproduction and commerce.
Dialogue: 0,0:00:42.59,0:00:48.71,Default,,0000,0000,0000,,I guess it was one of the earliest\Ndescriptions of what we now know today
Dialogue: 0,0:00:48.71,0:00:53.42,Default,,0000,0000,0000,,as Gross Domestic Product, GDP.
Dialogue: 0,0:00:53.42,0:00:56.11,Default,,0000,0000,0000,,Now, in the years since, of course,
Dialogue: 0,0:00:56.11,0:01:00.84,Default,,0000,0000,0000,,that measurement\Nof production and commerce,
Dialogue: 0,0:01:00.84,0:01:04.98,Default,,0000,0000,0000,,GDP, has become ever more important,
Dialogue: 0,0:01:04.98,0:01:06.48,Default,,0000,0000,0000,,to the point that today,
Dialogue: 0,0:01:06.48,0:01:10.19,Default,,0000,0000,0000,,and I don't believe that this\Nis what Adam Smith would have intended,
Dialogue: 0,0:01:10.19,0:01:15.40,Default,,0000,0000,0000,,that it is often seen as\Nthe most important measurement
Dialogue: 0,0:01:15.40,0:01:17.79,Default,,0000,0000,0000,,of a country's overall success.
Dialogue: 0,0:01:18.50,0:01:20.22,Default,,0000,0000,0000,,And my argument today
Dialogue: 0,0:01:20.22,0:01:23.89,Default,,0000,0000,0000,,is that it is time for that to change.
Dialogue: 0,0:01:24.56,0:01:29.97,Default,,0000,0000,0000,,You know, what we choose to measure\Nas a country matters.
Dialogue: 0,0:01:30.16,0:01:34.78,Default,,0000,0000,0000,,It really matters, because\Nit drives political focus,
Dialogue: 0,0:01:34.78,0:01:37.52,Default,,0000,0000,0000,,it drives at public activity,
Dialogue: 0,0:01:38.67,0:01:41.34,Default,,0000,0000,0000,,and against that context,
Dialogue: 0,0:01:41.34,0:01:47.32,Default,,0000,0000,0000,,I think the limitations of GDP\Nas a measurement of a country's success
Dialogue: 0,0:01:47.32,0:01:50.55,Default,,0000,0000,0000,,is all too obvious.
Dialogue: 0,0:01:50.55,0:01:55.76,Default,,0000,0000,0000,,You know, GDP measures\Nthe output of all of our work,
Dialogue: 0,0:01:55.76,0:01:59.25,Default,,0000,0000,0000,,but it says nothing about\Nthe nature of that work,
Dialogue: 0,0:01:59.25,0:02:02.84,Default,,0000,0000,0000,,about whether that work\Nis worthwhile or fulfilling.
Dialogue: 0,0:02:03.65,0:02:06.36,Default,,0000,0000,0000,,It puts a value, for example,
Dialogue: 0,0:02:06.36,0:02:09.85,Default,,0000,0000,0000,,on illegal drug consumption,
Dialogue: 0,0:02:09.85,0:02:12.79,Default,,0000,0000,0000,,but not on unpaid care.
Dialogue: 0,0:02:13.97,0:02:20.30,Default,,0000,0000,0000,,It values activity in the short term\Nthat boosts the economy
Dialogue: 0,0:02:20.30,0:02:24.95,Default,,0000,0000,0000,,even if that activity is hugely damaging
Dialogue: 0,0:02:24.95,0:02:28.94,Default,,0000,0000,0000,,to the sustainability of our planet
Dialogue: 0,0:02:28.94,0:02:30.61,Default,,0000,0000,0000,,in the longer term.
Dialogue: 0,0:02:30.83,0:02:37.98,Default,,0000,0000,0000,,And when we reflect on the past decade\Nof political and economic upheaval,
Dialogue: 0,0:02:37.98,0:02:40.97,Default,,0000,0000,0000,,of growing inequalities,
Dialogue: 0,0:02:40.97,0:02:46.35,Default,,0000,0000,0000,,and when we look ahead to the challenges\Nof the climate emergency,
Dialogue: 0,0:02:46.35,0:02:48.47,Default,,0000,0000,0000,,increasing automation,
Dialogue: 0,0:02:48.47,0:02:51.57,Default,,0000,0000,0000,,an aging population,
Dialogue: 0,0:02:51.57,0:02:58.67,Default,,0000,0000,0000,,then I think the argument for the case\Nfor a much broader definition
Dialogue: 0,0:02:58.67,0:03:03.67,Default,,0000,0000,0000,,of what it means to be successful\Nas a country, as a society,
Dialogue: 0,0:03:03.67,0:03:06.98,Default,,0000,0000,0000,,is compelling, and increasingly so.
Dialogue: 0,0:03:07.45,0:03:10.43,Default,,0000,0000,0000,,And that is why Scotland in 2018
Dialogue: 0,0:03:10.43,0:03:15.55,Default,,0000,0000,0000,,took the lead, took the initiative\Nin establishing a new network
Dialogue: 0,0:03:15.55,0:03:20.10,Default,,0000,0000,0000,,called the Wellbeing Economy\NGovernments group,
Dialogue: 0,0:03:20.58,0:03:23.65,Default,,0000,0000,0000,,bringing together as founding members
Dialogue: 0,0:03:23.65,0:03:30.22,Default,,0000,0000,0000,,the countries of Scotland, Iceland,\Nand New Zealand for obvious reasons.
Dialogue: 0,0:03:30.46,0:03:33.72,Default,,0000,0000,0000,,We're sometimes called the SIN countries,
Dialogue: 0,0:03:33.72,0:03:37.48,Default,,0000,0000,0000,,although our focus is very much\Non the common good.
Dialogue: 0,0:03:38.72,0:03:42.21,Default,,0000,0000,0000,,And the purpose of this group\Nis to challenge that focus
Dialogue: 0,0:03:42.21,0:03:45.06,Default,,0000,0000,0000,,on the narrow measurement of GDP,
Dialogue: 0,0:03:45.06,0:03:48.68,Default,,0000,0000,0000,,to say that, yes, economic growth matters.
Dialogue: 0,0:03:48.68,0:03:50.57,Default,,0000,0000,0000,,It is important.
Dialogue: 0,0:03:50.57,0:03:54.29,Default,,0000,0000,0000,,But it is not all that is important.
Dialogue: 0,0:03:54.29,0:03:58.57,Default,,0000,0000,0000,,And growth in GDP should not be pursued
Dialogue: 0,0:03:58.57,0:04:01.28,Default,,0000,0000,0000,,at any or all cost.
Dialogue: 0,0:04:01.28,0:04:03.93,Default,,0000,0000,0000,,In fact, the argument of that group
Dialogue: 0,0:04:03.93,0:04:08.77,Default,,0000,0000,0000,,is that the goal, the objective\Nof economic policy
Dialogue: 0,0:04:08.77,0:04:11.77,Default,,0000,0000,0000,,should be collective wellbeing:
Dialogue: 0,0:04:11.77,0:04:15.58,Default,,0000,0000,0000,,how happy and healthy a population is,
Dialogue: 0,0:04:15.58,0:04:19.02,Default,,0000,0000,0000,,not just how wealthy a population is.
Dialogue: 0,0:04:19.02,0:04:22.65,Default,,0000,0000,0000,,And I will touch on the policy\Nimplications of that in a moment,
Dialogue: 0,0:04:22.65,0:04:25.92,Default,,0000,0000,0000,,but I think particularly\Nin the world we live in today
Dialogue: 0,0:04:25.92,0:04:28.11,Default,,0000,0000,0000,,it has a deeper resonance.
Dialogue: 0,0:04:28.11,0:04:30.45,Default,,0000,0000,0000,,You know, when we focus on wellbeing,
Dialogue: 0,0:04:30.45,0:04:32.83,Default,,0000,0000,0000,,we start a conversation
Dialogue: 0,0:04:32.83,0:04:37.20,Default,,0000,0000,0000,,that provokes profound\Nand fundamental questions.
Dialogue: 0,0:04:37.20,0:04:40.58,Default,,0000,0000,0000,,What really matters to us in our lives?
Dialogue: 0,0:04:40.58,0:04:45.65,Default,,0000,0000,0000,,What do we value in\Nthe communities we live in?
Dialogue: 0,0:04:45.65,0:04:49.71,Default,,0000,0000,0000,,What kind of country,\Nwhat kind of society,
Dialogue: 0,0:04:49.71,0:04:52.12,Default,,0000,0000,0000,,do we really want to be?
Dialogue: 0,0:04:52.12,0:04:55.50,Default,,0000,0000,0000,,And when we engage people\Nin those questions,
Dialogue: 0,0:04:55.50,0:04:57.59,Default,,0000,0000,0000,,in finding the answers to those questions,
Dialogue: 0,0:04:57.59,0:05:01.50,Default,,0000,0000,0000,,then I believe that we have\Na much better chance
Dialogue: 0,0:05:01.50,0:05:05.42,Default,,0000,0000,0000,,of addressing the alienation\Nand disaffection from politics
Dialogue: 0,0:05:05.42,0:05:11.28,Default,,0000,0000,0000,,that is so prevalent in so many countries
Dialogue: 0,0:05:11.28,0:05:12.97,Default,,0000,0000,0000,,across the developed world today.
Dialogue: 0,0:05:12.97,0:05:16.40,Default,,0000,0000,0000,,In policy terms, this journey\Nfor Scotland started back in 2007
Dialogue: 0,0:05:16.40,0:05:20.29,Default,,0000,0000,0000,,when we published what we call\Nour National Performance Framework,
Dialogue: 0,0:05:20.29,0:05:23.96,Default,,0000,0000,0000,,looking at the range of indicators\Nthat we measure ourselves against.
Dialogue: 0,0:05:24.19,0:05:28.61,Default,,0000,0000,0000,,And those indicators are as varied\Nas income inequality,
Dialogue: 0,0:05:28.61,0:05:30.83,Default,,0000,0000,0000,,the happiness of children,\Naccess to green spaces,
Dialogue: 0,0:05:30.83,0:05:34.19,Default,,0000,0000,0000,,access to housing.
Dialogue: 0,0:05:34.19,0:05:38.10,Default,,0000,0000,0000,,None of these are captured\Nin GDP statistics,
Dialogue: 0,0:05:38.10,0:05:43.07,Default,,0000,0000,0000,,but they are all fundamental\Nto a healthy and a happy society.
Dialogue: 0,0:05:43.07,0:05:48.06,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:05:50.06,0:05:53.59,Default,,0000,0000,0000,,And that broader approach is at the heart\Nof our economic strategy,
Dialogue: 0,0:05:53.59,0:05:57.86,Default,,0000,0000,0000,,where we give equal importance\Nto tackling inequality
Dialogue: 0,0:05:57.86,0:06:00.70,Default,,0000,0000,0000,,as we do to economic competitiveness.
Dialogue: 0,0:06:00.70,0:06:03.01,Default,,0000,0000,0000,,It drives our commitment to fair work,\Nmaking sure that work is fulfilling
Dialogue: 0,0:06:03.01,0:06:05.69,Default,,0000,0000,0000,,and well-paid.
Dialogue: 0,0:06:05.69,0:06:09.72,Default,,0000,0000,0000,,It's behind our decision to establish\Na just transition commission
Dialogue: 0,0:06:09.72,0:06:13.63,Default,,0000,0000,0000,,to guide our path\Nto a carbon zero economy.
Dialogue: 0,0:06:13.63,0:06:17.02,Default,,0000,0000,0000,,We know from economic\Ntransformations of the past
Dialogue: 0,0:06:17.02,0:06:20.66,Default,,0000,0000,0000,,that if we're not careful,\Nthere are more losers than winners.
Dialogue: 0,0:06:20.66,0:06:23.83,Default,,0000,0000,0000,,And as we face up to the challenges\Nof climate change and automation,
Dialogue: 0,0:06:23.83,0:06:28.28,Default,,0000,0000,0000,,we must not make those mistakes again.
Dialogue: 0,0:06:28.28,0:06:32.06,Default,,0000,0000,0000,,The work we're doing here in Scotland\Nis, I think, significant,
Dialogue: 0,0:06:32.06,0:06:35.20,Default,,0000,0000,0000,,but we have much, much to learn\Nfrom other countries.
Dialogue: 0,0:06:35.20,0:06:38.38,Default,,0000,0000,0000,,I mentioned a moment ago\Nour partners at nations
Dialogue: 0,0:06:38.38,0:06:42.06,Default,,0000,0000,0000,,in the wellbeing network,
Dialogue: 0,0:06:42.06,0:06:43.22,Default,,0000,0000,0000,,Iceland and New Zealand.
Dialogue: 0,0:06:43.22,0:06:47.19,Default,,0000,0000,0000,,So I'm noting, and I will leave it to you\Nto decide whether this is relevant or not,
Dialogue: 0,0:06:47.19,0:06:50.82,Default,,0000,0000,0000,,that all three of these countries\Nare currently led by women.
Dialogue: 0,0:06:51.12,0:06:55.17,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:07:02.24,0:07:04.33,Default,,0000,0000,0000,,They too are doing great work,
Dialogue: 0,0:07:04.33,0:07:06.93,Default,,0000,0000,0000,,New Zealand, in 2019,
Dialogue: 0,0:07:06.93,0:07:09.00,Default,,0000,0000,0000,,publishing its first wellbeing budget
Dialogue: 0,0:07:09.00,0:07:11.63,Default,,0000,0000,0000,,with mental health at its heart;
Dialogue: 0,0:07:11.63,0:07:15.60,Default,,0000,0000,0000,,Iceland leading the way on equal pay,\Nchild care, and paternity rights,
Dialogue: 0,0:07:15.60,0:07:20.94,Default,,0000,0000,0000,,not policies that we immediately think of
Dialogue: 0,0:07:20.94,0:07:23.35,Default,,0000,0000,0000,,when we talk about\Ncreating a wealthy economy
Dialogue: 0,0:07:23.35,0:07:27.74,Default,,0000,0000,0000,,but policies that are fundamental\Nto a health economy
Dialogue: 0,0:07:27.74,0:07:29.88,Default,,0000,0000,0000,,and a happy society.
Dialogue: 0,0:07:30.42,0:07:33.37,Default,,0000,0000,0000,,I started with Adam Smith
Dialogue: 0,0:07:33.37,0:07:36.25,Default,,0000,0000,0000,,and "The Wealth of Nations."
Dialogue: 0,0:07:36.25,0:07:38.28,Default,,0000,0000,0000,,In Adam Smith's earlier work,
Dialogue: 0,0:07:38.28,0:07:43.24,Default,,0000,0000,0000,,"The Theory of Moral Sentiments,"\Nwhich I think is just as important,
Dialogue: 0,0:07:43.24,0:07:47.69,Default,,0000,0000,0000,,he made the observation\Nthat the value of any government
Dialogue: 0,0:07:47.69,0:07:49.88,Default,,0000,0000,0000,,is judged in proportion
Dialogue: 0,0:07:49.88,0:07:53.08,Default,,0000,0000,0000,,to the extent that it makes\Nits people happy.
Dialogue: 0,0:07:53.08,0:07:56.74,Default,,0000,0000,0000,,I think that is a good founding principle
Dialogue: 0,0:07:56.74,0:08:00.47,Default,,0000,0000,0000,,for any group of countries
Dialogue: 0,0:08:00.47,0:08:02.80,Default,,0000,0000,0000,,focused on promoting wellbeing.
Dialogue: 0,0:08:02.80,0:08:05.22,Default,,0000,0000,0000,,None of us have all of the answers,
Dialogue: 0,0:08:05.22,0:08:08.92,Default,,0000,0000,0000,,and not even Scotland,\Nthe birthplace of Adam Smith,
Dialogue: 0,0:08:08.92,0:08:13.83,Default,,0000,0000,0000,,but in the world we live in today,\Nwith growing divides and inequalities,
Dialogue: 0,0:08:13.83,0:08:16.42,Default,,0000,0000,0000,,with disaffection and alienation,
Dialogue: 0,0:08:16.42,0:08:18.16,Default,,0000,0000,0000,,it is more important than ever
Dialogue: 0,0:08:18.16,0:08:22.15,Default,,0000,0000,0000,,that we ask and find the answers\Nto those questions
Dialogue: 0,0:08:22.15,0:08:25.84,Default,,0000,0000,0000,,and promote a vision of society
Dialogue: 0,0:08:25.84,0:08:27.79,Default,,0000,0000,0000,,that has wellbeing,
Dialogue: 0,0:08:27.79,0:08:29.09,Default,,0000,0000,0000,,not just wealth,
Dialogue: 0,0:08:29.09,0:08:31.44,Default,,0000,0000,0000,,at its very heart.
Dialogue: 0,0:08:31.44,0:08:35.11,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:08:35.95,0:08:43.56,Default,,0000,0000,0000,,You are right now in the beautiful,\Nsunny capital city
Dialogue: 0,0:08:43.56,0:08:45.82,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:08:45.82,0:08:50.73,Default,,0000,0000,0000,,of the country that led the world\Nin the Enlightenment,
Dialogue: 0,0:08:50.73,0:08:53.96,Default,,0000,0000,0000,,the country that helped lead the world\Ninto the Industrial Age,
Dialogue: 0,0:08:53.96,0:08:56.93,Default,,0000,0000,0000,,the country that right now\Nis helping to lead the world
Dialogue: 0,0:08:56.93,0:08:59.01,Default,,0000,0000,0000,,into the low carbon age.
Dialogue: 0,0:08:59.01,0:09:04.44,Default,,0000,0000,0000,,I want, and I'm determined,\Nthat Scotland will also be the country
Dialogue: 0,0:09:04.44,0:09:09.46,Default,,0000,0000,0000,,that helps change the focus of countries\Nand governments across the world
Dialogue: 0,0:09:09.46,0:09:13.90,Default,,0000,0000,0000,,to put wellbeing at the heart\Nof everything that we do.
Dialogue: 0,0:09:14.10,0:09:17.85,Default,,0000,0000,0000,,I think we owe that to this generation.
Dialogue: 0,0:09:17.85,0:09:21.93,Default,,0000,0000,0000,,I certainly believe we owe that\Nto the next generation
Dialogue: 0,0:09:21.93,0:09:24.10,Default,,0000,0000,0000,,and all those that come after us,
Dialogue: 0,0:09:24.10,0:09:27.79,Default,,0000,0000,0000,,and if we do that right here\Nfrom the country of the Enlightenment,
Dialogue: 0,0:09:27.79,0:09:32.66,Default,,0000,0000,0000,,then I think we create\Na better, healthier, fairer,
Dialogue: 0,0:09:32.66,0:09:34.54,Default,,0000,0000,0000,,and happier society here at home,
Dialogue: 0,0:09:34.54,0:09:36.52,Default,,0000,0000,0000,,and we play our part in Scotland
Dialogue: 0,0:09:36.52,0:09:40.83,Default,,0000,0000,0000,,in building a fairer,\Nhappier world as well.
Dialogue: 0,0:09:40.83,0:09:42.82,Default,,0000,0000,0000,,Thank you very much.
Dialogue: 0,0:09:42.82,0:09:47.43,Default,,0000,0000,0000,,(Applause)