The prognosis for the global economy remains stubbornly flat.
News in Europe has been especially disturbing.
There is still a serious risk of a "Grexit" from the Eurozone. Spanish banks were just given a $125 billion lifeline. And Italy, the third-largest economy in the Eurozone, is not far behind, but the problem is it’s too big to rescue.
China is dealing with a property bubble while Brazil and India are pulling back, and a long-struggling Japan is not past the tsunami’s aftermath. Here at home, bond yields have approached historic lows. If we keep to a "bear-bull" perspective, there is little cause for cheer on the macroeconomic front.
A bigger perspective is needed. This column previously covered Bhutan’s time-honored decision to measure Gross National Happiness rather than Gross National Product. Today, GNH combines economic wellness with environmental, political and social wellness, even in the workplace. It also encompasses physical and, of course, mental health.
This idea has spread to the industrialized world. The Organisation for Economic Co-operation and Development publishes the Better Life Index, which outlines how its 34 members fare in relationship to each other in overall measures of well-being.
This year, the United States came in first for household wealth at $102,000 despite the drop from its peak before the Great Recession. But overall the U.S. came in third behind Australia and Norway.
The criteria for the Better Life Index are:
» Housing
» Income
» Jobs
» Community
» Education
» Environment
» Civic Engagement
» Health
» Life Satisfaction
» Safety
» Work-life balance
The U.S. did relatively well in areas of income, education and health, but still suffers from significant disparities between the privileged and the underserved. Making good on the American Dream is more difficult and social mobility, while still intact, is not as facile.
Work-life balance is an area in which the U.S. did not rank very well. This scale checks to see if employees tend to work very long hours and how much time people spend on leisure and personal care. The study cites tension among those who wish to have more children but feel compelled instead to work to make ends meet.
With the particularly high cost of living in Hawaii, many residents certainly find themselves working long hours in two or more jobs. Yet community, sun and surf are forever calling and remind us to stay connected to each other and the island spirit.
As the Great Recession transitions into a world where the global economy is without prospects for a powerful kick-start, it is essential that we set our criteria for joy and fulfillment on what really matters. Yes, hard work matters. Yes, a bull market is cause for optimism. But in the long run, it is a balanced lifestyle that brings us the wealth of health.
Ira Zunin, M.D., M.P.H., M.B.A., is medical director of Manakai o Malama Integrative Healthcare Group and Rehabilitation Center and CEO of Global Advisory Services Inc. Please submit your questions to info@manakaiomalama.com.
