The history and current trends in economics, and Bhutan's alternative to GNP, is discussed by Dr Ross McDonald from the University of Auckland during the 2019 Raising the Bar night.

Listen to Dr Ross McDonald discussing how the 18th-century economic theorist Adam Smith is misrepresented, and why one kind of happiness is better than another

Is money or happiness more important?

For the fourth King of Bhutan the answer was clear. In 1972 he declared that his country would pursue a goal of maximising happiness instead of economic growth, sparking an international debate.

As the King put it: "Economics is a means to an end and can never be an end in itself."

The idea of economics in this essentially Buddhist view is that business and money are a means to human flourishing and that in the modern world happiness and wellbeing are increasingly sacrificed in the name of economic growth.

In this thought-provoking talk Ross speaks about the growing international movement which aims to redefine how we understand and use economics, and the value that we place on happiness.

About the speaker

Dr Ross McDonald is a multiple-award winning teacher working in the areas of economic justice, sustainability and economic development.

He has worked on educational advancement with the United Nations, on the economics and psychology of wellbeing with the OECD and played a significant role in the development of Bhutan's unique approach to development in the form of gross national happiness.

Ross was an inaugural teaching fellow at the University of Auckland Centre for Learning Advancement and Research and teaches courses in organisational ethics and sustainability.

Raising the Bar was recorded in association with the University of Auckland

Go to this episode on rnz.co.nz for more details