Let’s strive for true prosperity

A few months back, during a discussion with a distinguished professor from a so-called developed country (only economically, in my view), I was struck by the painful reality of how often nations like Nepal are labeled ‘poor’. It is disheartening to hear such a professor’s emphasis on economic poverty as the primary measure of a nation’s success. This sentiment echoed a mindset that I experienced over three decades ago during my school days when economic metrics were prioritized and were taught as the sole measure of progress. It’s pitiable to see that even today, this outlook has remained unchanged, despite the mounting evidence of the destruction resulting from overemphasizing material prosperity, ignoring the broader, deeper, richer aspects of life that truly enhances our well-being. 

A global obsession

Despite complex and multiple dimensions of poverty, the world remains fixated on economic growth. Countries are locked in a race to lift their GDPs, assuming economic advancement with progress. But what are we really accomplishing? Approximately nine percent of the people around the world lack access to basic needs i.e enough food, cloth and shelter. While this is an urgent issue, pursuing economic growth at any cost, not only emphasizing at least basics for the needy, but lavish life for the majority of people is destructive. In doing so, we risk deepening other forms of poverty that are just as critical to human well-being.

Countries like Bhutan have redefined prosperity by prioritizing the well-being of citizens over material wealth with the Gross National Happiness Index. Other indicators such as the Genuine Progress Indicator and the OECD’s Better Life Index measure success by integrating environmental health, social connections and life satisfaction. Another indicator, the Happy Planet Index prioritizes sustainability and happiness over material wealth, while the UN’s Human Development Index incorporates health, education, and living standards. 

Movements like Minimalism, Degrowth and Post-Growth Economics have evolved as critiques of prioritization on materialistic economy. They have redefined prosperity that does not depend on endless consumption. Living a life with fewer belongings and more purpose is encouraged by Minimalism. Post-Growth and Degrowth advocates on reducing economic activities to protect natural ecosystems and people’s well-being. These movements have questioned whether wealth accumulation actually raises living standards, particularly when it comes at the expense of the environment and social cohesion.

The excessive focus on economic growth has resulted in chaotic patterns of migration, both within and across nations. People move in pursuit of better economic opportunities, yet doing so often accelerates the breakdown of social ties, the loss of cultural identity and dignity, and the degradation of the environment. This unrestrained economic growth has led to pollution, deforestation and biodiversity loss. One of the most alarming consequences of overemphasizing economic growth is climate change, due to carbon emission and environmental destruction as by-products. Extreme weather events like floods, droughts, wildfires and rising sea levels are becoming more common, leaving vulnerable communities to bear the brunt. Our carbon footprints have increased due to the world’s obsession with production and consumption, causing an unsustainable resource use and global health catastrophe.

Hidden costs

Poverty manifests in many forms beyond the economy. There’s time poverty, where individuals are so overburdened with work that they have no time for themselves or their loved ones, also leading to health poverty. Environmental poverty results from our relentless pursuit of economic growth leading to overconsumption, overproduction and destruction of the natural ecosystems, leaving a degraded Earth to future generations. Migration and modernization driven by economic pursuits have eroded cultural traditions and weakened the community bond resulting in sociocultural poverty. People frequently have a tendency to leave behind the sense of community, dignity and tradition that enhance their lives when they relocate.  This fragmentation can lead to feelings of isolation and loss of identity. The rising crisis of mental health issues like anxiety, depression and loneliness exacerbated by the pressures of contemporary life is also reflected in mental poverty.

The paradox is that, while chasing economic wealth, we are depleting other forms of wealth that are essential for human survival. How much longer do we overlook these costs? If economic growth is achieved at the expense of these fundamental human values, life is not progressing at all. It is a debt we are passing on to future generations. Economic prosperity is only one dimension of progress. By focusing exclusively on it, we miss the true richness of life: our relationships, cultural heritage and our mother Earth on which we depend.

Valuing richness of life

It is vital to realize and never forget that there are other indicators of a nation’s richness besides economic poverty. In Nepal, we are blessed with an abundance of stunning natural beauty, pleasant climate, rich cultural heritage, and deep social ties. These are fundamental components of a high quality of life and not just pleasantries. We ought to be proud of these facets of our national identity rather than feeling ashamed of our financial situation, which we need to work on. We are wealthy in ways that many so-called “economically rich” countries are not. In some countries, people can’t spend much time outdoors due to extreme weather, cultural traditions have been eroded by modern life, and social isolation, crimes and shootouts, and mental health issues are rampant. Despite their economic prosperity, these nations are poor in other equally important aspects.

This is not an argument against economic progress, instead, advocating for a more balanced strategy that cherishes every facet of human existence. We should strive to improve our economic conditions while also appreciating our charismatic nature, rich culture and wonderful community we owe. We must resist the temptation of obsessing over materialistic growth and consumerism, understanding that true prosperity involves a harmonious balance between social, cultural, environmental and economic well-being. 

A holistic vision

As we envision the future we wish to create, let’s move beyond solely concentrating on economic growth. Instead of chasing economic prosperity at the expense of life’s richness, let’s pursue true prosperity, which encompasses holistic aspects of life. By shifting our mindset away from valuing money above everything else, we can break free from the cycle of overconsumption and restore harmony to both our planet and our lives. We can ensure that the Earth or the richness of life are not sacrificed in our quest for materialistic richness. 

Let’s acknowledge the close relationship between our well-being to the well-being of the planet, and it’s’ all inhabitants. By addressing poverty in all its forms, we can create a world where everyone has enough: time, resources, and social connections to live in harmony with nature and with each other.

Now is the time to act, before it’s too late. Let’s redefine what it means to be truly wealthy, not just in economic terms, but in every dimension of human existence. Only then can we build a future that is sustainable, inclusive and fulfilling for generations to come.

The author is a senior researcher at ForestAction Nepal