In response to the urgent global challenges of climate change and rising inequality, the need to re-evaluate our traditional economic models and adopt new approaches focused on wellbeing, inclusion, and sustainability in addition to the economy (WISE) has become evident. We have reviewed five different macroeconomic model types and how their inherent theoretical base and structure can reflect the WISE dimensions and in how far they can be used for policy scenario analysis. The talk will summarize the review and then dive into the idea of an integrated WISE model that we will develop in the WISE Horizons project during the next three years. Here, we draw on our experience with developing Green Jobs Assessment Models together with ILO and UNDP as well as local partners for a variety of countries. We will discuss how to use this input-output approach at the global level, combine it with elements of stock-flow-consistent as well as system dynamics modelling, and extend the pure economic accounting framework to especially include elements for measuring well-being and inclusion in addition to the more commonly used indicators from the Sustainable Development Goals.
About the speaker:
Kirsten Wiebe joined SINTEF's Sustainable Energy Technologies Department in 2019. She previously worked at NTNU's Industrial Ecology Programme, at the OECD in the Trade in Value Added initiative, and at the Institute of Economic Structures Research in Germany. She was a member of the Council of the International Input-Output Association and Vice-president in 2021-2022, and is on the Editorial Board of Economic Systems Research.
Kirsten is an expert in global and national macro-econometric input-output modelling and sustainability indicators. Her research continues to provide background information for UNFCCC's work on climate change response measures, the UNDP's NDC partnership, and the ILO's Green Jobs Programme.