DEBATE: Would creating a ‘Free Time Index’, as the Green Party suggests, improve wellbeing in the UK?
First published by CityAM.
A national Free Time Index wouldn’t improve wellbeing. As is typical of Green Party policies, the measure would be little more than an exercise in fluffy virtue signalling.
Capitalism can improve living standards, and is the greatest weapon in the fight to reduce global poverty.
GDP may not be perfect, but it remains the most important measure when it comes to creating the wealth that ultimately lets us live longer, happier lives. We should not ignore it.
The wellbeing of workers will not be improved by Whitehall bean-counters knowing how much free time we have. This measure also ignores how free time is spent. There are many factors which improve the quality of free time, of which wealth is one. Involuntary free time due to redundancy, for example, will surely reduce the quality of an individual’s wellbeing.
In that sense, the Greens haven’t just misunderstood how the economy works, they’ve also taken a depressingly narrow-minded view of what makes people happy.