How to improve our Economy.pptx
How to improve our Economy
Mr Friel
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How to improve our Economy
Mr Friel
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Universal Social Welfare
Universal Social Welfare
Universal social welfare means that every citizen receives certain welfare benefits automatically, regardless of income, employment status, or wealth. It’s based on the idea that everyone has a right to basic supports such as healthcare, education, child benefit, or even a universal basic income.
Instead of being means-tested (where only people below a certain income qualify), universal benefits are given to all.
How it would work
Funded through taxation (e.g., income tax, VAT, corporate tax).
Every person gets the same benefit (for example, every family might receive child benefit).
Designed to reduce inequality and guarantee a basic standard of living.
Positives
Fairness and Equality: Everyone is treated the same, so there’s no stigma in receiving benefits.
Simplicity: No complicated applications or means testing; it’s easier and cheaper to administer.
Social Cohesion: Universal supports (like free healthcare or child benefit) can help reduce poverty and strengthen social solidarity.
Negatives
Very Expensive: Providing benefits to everyone (even the wealthy who don’t “need” them) requires high levels of taxation.
Risk of Over-Reliance: Some people may become dependent on benefits, reducing motivation to work.
Resource Strain: Universal services (like healthcare) can become overcrowded, leading to longer waiting times and pressure on public systems.
Doughnut Economics
Doughnut Economics
Doughnut Economics is an alternative economic model developed by Kate Raworth.
It looks like a doughnut (ring-shaped diagram) and says economies should operate within two boundaries:The inner ring (social foundation): making sure everyone has enough to meet basic needs (food, housing, education, healthcare, income, equality).
The outer ring (ecological ceiling): making sure we don’t damage the planet by overusing resources, polluting, or causing climate change.
The safe space for humanity is the “doughnut” in between, where people’s needs are met without exceeding environmental limits.
How it would work
Governments and businesses measure success not just by GDP (economic growth), but also by social wellbeing and environmental sustainability.
Policies balance reducing poverty with protecting the environment.
Examples: renewable energy, circular economy (recycling, reusing), fair wages, social housing.
Positives
Balances People and Planet: Ensures growth doesn’t come at the cost of the environment.
Focus on Wellbeing: Measures success by quality of life, not just profit.
Long-Term Sustainability: Encourages renewable energy, green technology, and sustainable farming to protect future generations.
Negatives
Hard to Measure: Unlike GDP, social and environmental progress is harder to track and agree on.
Slower Economic Growth: Limiting resource use could mean less short-term growth and profits.
Difficult Global Coordination: Needs worldwide cooperation, but countries have different priorities (developing nations want growth, while others push for environmental limits).
