A human rights economy seeks to address and redress root causes and structural barriers to equality, justice and sustainability by integrating human rights principles and obligations, and SDG commitments, into economic decision-making to yield better outcomes for people and planet. In a human rights economy, economic policies, investment decisions, consumer choices and business models are guided by human rights, resulting in measurably enhanced outcomes for all. It requires transparency and accountability, expands space for social dialogue, scrutiny, and participation, especially for affected individuals, groups, and communities.
Human rights economies measure success not by the size of the gross domestic product (GDP), but by the wellbeing of all people. The GDP, the most widely used indicator to measure development progress and allocate resources, fails to account for environmental sustainability, inequalities and vulnerabilities and inadequately measures people’s wellbeing. It is crucial to ground the economy in human rights and measure success by the wellbeing of all people rather than focusing on profit, short-term benefits and the interests of the few.