An assessment of the scope and comprehensiveness of well-being economy indicator sets: The cases of Iceland, Scotland and New Zealand

Abstract

Over the last three years, national indicator sets and international coalitions for advancement of the well-being economy's ambitions have begun to be developed. This study applies a capital asset, well-being goals and domains, and Sustainable Development Goals (SDGs) framework to evaluate the scope and comprehensiveness of the indicator sets of Iceland, Scotland and New Zealand. Both national objectives and SDG indicator priorities, determined through each nation's stakeholder consultation process, have greatly shaped the indicator selection process, albeit leading to a narrow concentration in some areas. There is currently more focus on natural capital preservation and environmental performance in the cases of Iceland and New Zealand, whereas Scotland integrates analysis on contributions to human well-being via ecosystem services. Additionally, resources that appear critical to these economies and processes that undermine the productive capacities of the resource base are not represented by indicators. Spatial scale variations are evident too. Domestic phenomena are the focus of Iceland and New Zealand's indicators sets, whilst Scotland's is more internationalist. Despite these inconsistencies, it is evident that the national indicator sets are inclusive and reflective of socio-cultural priorities, including the needs of certain Indigenous peoples, often monitoring criteria that go beyond the limits of the SDGs.