4-7 GDP and True Wealth: Searching for Wealth That Money Cannot Buy

Japan's nominal GDP, which is considered the standard for wealth, has been surpassed by China and Germany, and it is said that it will be overtaken by India by 2026 and the UK by around 2030, falling to sixth place in the world. When converted to per capita, Japan has already been surpassed by South Korea and Taiwan, and its status as one of the world's wealthiest nations has become a thing of the past.

In reality, wages have not risen in the last 30 years, prices are rising, social security is shrinking, the gap between rich and poor is widening, and life is becoming increasingly difficult.

I used to be happy going to Thailand because things were so cheap, but now my Thai friends are happily coming to Japan to visit because they find it reasonable.

Will Japan ever become one of the world's leading economic powers again? Unfortunately, it is said that there is almost no chance of that. The primary factor is the decline in the working-age population. Furthermore, the rise of countries with previously weak economic foundations, particularly those known as the Global South, is cited as a major factor.

Are you familiar with the GPI (Genuine Progress Indicator)? It is an indicator that takes into account not only the benefits of GDP growth but also social risks such as inequality caused by economic activity and the burden on the environment.This indicator was largely in line with GDP until the mid-1970s, but since then,the graph diverged from the growing GDP and began to declineit seems. Since the mid-1970s, economic growth has promoted inequality and disparity, increased stress such as overwork and sleep deprivation, and created health problems such as lifestyle-related diseases and mental disorders.

If we can no longer enjoy the happiness brought about by economic prosperity as we did in the past, what path remains for us?

GDP does not increase when you receive pickles from a neighbor or when your parents send you rice and vegetables from your hometown in the countryside. (Note: Delivery fees are counted toward GDP.) GDP does not increase when you grow your own vegetables, cook them yourself, and feel healthy or happy as a result. It is only when money changes hands that it contributes to GDP. (Incidentally, consumption tax is also generated.) If you produce food in excess and consume it in excess, GDP increases. If you overeat and become unhealthy, and then rely on medicine, supplements, or fitness gyms, GDP increases. If you throw away leftover food, waste disposal companies go to work and GDP increases, and if you get sick from industrialized food and go to the hospital, GDP increases.

The wealth that money cannot buy, which I experienced in villages in Asia and Africa when I was young, was the sense of compassion, community, the security of human connection, and the joy of living in the here and now. This is happiness that does not depend on GDP.

I believe we are in the midst of a paradigm shift, breaking away from the current capitalism that pursues economic growth and moving toward a happy economy where we share true wealth.