June 2021 - INDIGENOMICS INSTITUTE EVENTS
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INDIGENOMICS INSTITUTE
June Money, Meaning and Metrics In The Emerging 100
Billion Dollar Indigenous Economy
2021 An Indigenomics Perspective of Well-being-based Economies
P R E PA R E D B Y
Mark Anielski
Lead Economist, Indigenomics Institute
Carol Anne Hilton
CEO/Founder, Indigenomics Institute
Money, Meaning and Metrics In The Emerging 100 Billion
Dollar Indigenous Economy
An Indigenomics Perspective of Well-being-based Economies
Mark Anielski
Lead Economist,
Indigenomics Institute
President
Carol Anne Hilton, MBA
& Chief Well-being Officer
CEO and Founder
Mark is an economic strategist specializing in the economics of well-being Indigenomics Institute
and happiness. He is schooled in ecological economics, accounting and & Global Center of Indigenomics
forestry. Mark believes that our measures of success should be focused on
maximizing the well-being of people and the planet. He has advised First Carol Anne Hilton, MBA is the CEO and founder of the Indigenomics Institute
Nations in Canada as well as communities in Canada, Austria, Bhutan, French and the Global Center of Indigenomics. Carol Anne is a dynamic national
Polynesia, The Netherlands, Austria and China in their aspirations to develop Indigenous business leader, author, speaker and senior adviser with an
a new economic model based on well-being and happiness. international Masters Degree in Business Management (MBA) from the
University of Hertfordshire, England. Carol Anne is of Nuu chah nulth descent
Mark is the author of the award-winning book The Economics of Happiness:
from the Hesquiaht Nation on Vancouver Island.
Building Genuine Wealth (2007), which provides a blueprint for building
the new economy of well-being. His latest book An Economy of Well-being: Carol Anne is the author of ‘Indigenomics- Taking A Seat at the Economic Table’
Common Sense Tools for Building Genuine Wealth and Happiness was and is an adjunct professor at Royal Roads University’s School of Business.
published in 2018.
Carol Anne was the only Indigenous person appointed to the Canadian
Mark was a professor of corporate social responsibility and social Economic Growth Council as a senior advisor to the federal Finance Minister.
entrepreneurship at the University of Alberta’s School of Business. He has Carol Anne recently served on the BC Emerging Economy Taskforce, and the
lectured or taught the economics of happiness and well-being at universities BC Indigenous Business and Investment Council. Carol Anne currently serves
in Canada, the US (Harvard, Bainbridge Graduate Institute), China (Harbin as a Director on the McGill University Institute for the Study of Canada, MITACS
Institute of Technology), Austria (Innsbruck Management School), the and the BC Digital Supercluster.
Netherlands and French Polynesia.
Carol Anne’s work has been recognized with the 2020 BC Achievement
He holds Bachelor of Arts degree in Economics (1981) and a Bachelor of Science Foundation’s Award of Distinction in Indigenous Business and the 2018
degree in Forest Science (1984) and a Masters degree in Science in Forest national Excellence in Aboriginal Relations Award from the Canadian Council
Economics (1991) from the University of Alberta based in Edmonton,Canada. for Aboriginal Business.
2
Money, Meaning and Metrics In The Emerging 100 Billion
Dollar Indigenous Economy
An Indigenomics Perspective of Well-being-based Economies
TA B L E O F C O N T E N T S
1.0 PURPOSE
T h e $ 1 0 0 B i l l i o n I n d i g e n o u s E c o n o m i c A s p i ra t i o n 4
2.0 METRICS- MEASURING WHAT MAT TERS TO WELL-BEING 7
3.0 MONEY 9
3 .1 F i ve C a p i t a l s o f t h e We l l - B e i n g E c o n o my 9
3. 2 W h a t s h o u l d w e u s e a s m e a s u re s o f p ro g re s s ? 10
4.0 SHAPING MONEY- REDEFINING MODERN WEALTH IN INDIGENOUS REALITY 13
4 .1 S h a p i n g M e a n i n g - Ac c o u n t i n g fo r We a l t h i n M o d e r n I n d i g e n o u s E c o n o m i c D e s i g n 13
4.2 A n I n d i g e n o m i c s a p p ro a c h t o c a p i t a l i s m 14
4.3 How much money is enough for a ‘Good life?’ Sustainable income in an Indigenous economic system 15
4.4 What constitutes a sustainable money system in emerging Indigenous economies? What options are available to
Indigenous communities in terms of sovereign money and sovereign wealth funds? 17
4.5 How can Indigenous communities align their governance and management systems with the UN SDG
(sustainable development goals?) 18
4.6 Gross National Happiness, Gross Indigenous Product , GDP and Well-being Accounting 18
4.7 Indigenous Community planning and program evaluation using a well-being impact lens 18
4.8 Some shortcomings of the Community Well-Being (CWB) Index for measuring the state of Indigenous economies . 19
CONCLUSION 19
3
Money, Meaning and Metrics In The Emerging 100 Billion
Dollar Indigenous Economy
1.0 PURPOSE An Indigenomics Perspective of Well-being-based Economies
PURPOSE
This paper centers the concept of Indigenomics and the role of money, meaning and metrics in the
emerging 100 billion dollar Indigenous economy. Indigenomics is modern, Indigenous economic design.
The intention of this paper is to bring together perspectives of what shapes money, meaning and metrics
in the emerging strength of the Indigenous economy today in Canada built upon the central point of how
and what we measure matters.
T h e $ 1 0 0 B i l l i o n I n d i g e n o u s E c o n o m i c A s p i ra t i o n
According to a 2016 TD Economics Canada’s Indigenous peoples (First Nation, Métis and Inuit) will become
a major economic force in the next decade. The Indigenomics Institute is driving the narrative of the
potential of Indigenous economic generation of $100 billion annual target. In 2016, it was estimated that
the Aboriginal GDP (income based) at $32 billion which would have only represented 1.5% of Canada’s
total GDP in 2016 of $2,090 billion. With the TD Economics Aboriginal GDP this would amount to roughly
$19,118 per capita for all 1.6 million Indigenous peoples. This compares to the Canadian average per capita
GDP of $53,704 per capita for all Canadians. This represents a GDP gap of over $34,000 per capita in 2016.
¹ Canada’s GDP figures includes the contributions of the 1.6 million Aboriginal population which cannot be easily separated out of the total GDP figures for Canada.
4
Money, Meaning and Metrics In The Emerging 100 Billion
Dollar Indigenous Economy
1.0 PURPOSE An Indigenomics Perspective of Well-being-based Economies
Aboriginal GDP per capita vs Canada GDP per capita, 2001 — 2021 (projected)
Aboriginal GDP per capita $80,000
Canada GDP per capita
$60,000
Gap
$40,000 $ 35,722
$20,000
$ 9,217
$ 2001 It is this
breakdown
of the core
$(20,000)
$ ( 26,505)
components
of GDP either
$(40,000) income or
expenditure
based, that
Source: Derived by Mark Anielski using Statistics Canada and TD Economics Data
has been used
to estimate
Focusing solely on the GDP metric, in reaching an Indigenous GDP that has been used to estimate Indigenous GDP to date. Though the
Indigenous GDP
target of $100 billion, the Indigenous GDP per capita would have to analytic trail is fraught with data gaps and analytic challenges and to date, though
reach $51,268 per capita in 2020, or a 168% per capita increase over limitations it is time to start defining Indigenous economic growth the analytic
the TD Economics 2016 baseline estimate. This assumes an annual and strength. trail is fraught
growth in the Indigenous population of 3.9% per annum (the average With household income (wages) or expenditures being one of the with data gaps
annual growth rate between 2011 and 2016). This kind of economic largest components of GDP (50-60% of GDP depending on the GDP and analytic
growth rate would only be possible if there were several changes challenges
accounting approach), we can estimate Indigenous income-based
and limitations
including a dramatic increase in Indigenous individual and household GDP beginning with existing limited Indigenous income data. Based
in defining
income, Indigenous business revenues and Indigenous government on Statistics Canada Census 2016 data, Aboriginal average pre-tax
Indigenous
own-source revenues. Conversely, this means Indigenous related income was $36,043 per capita. Multiplied by 1,224,915 Aboriginal
economic
expenditures in the Canadian economy would have to increase population (73% of the total Aboriginal population) who reported growth and
along with income or spending power. It is this very breakdown of earning an income from all sources this would equate to $44.149 strength.
the core components of GDP either income or expenditure based, billion in pre-tax income. Given that wages or income makes up
5Money, Meaning and Metrics In The Emerging 100 Billion
Dollar Indigenous Economy
1.0 PURPOSE An Indigenomics Perspective of Well-being-based Economies
50%-56% of Canada’s GDP from an income-based GDP accounting method, There are no official statistics on First Nation, Métis and Inuit
we estimate that pre-tax Aboriginal incomes would have to grow to roughly business enterprise financial statistics which is a better
$50-$56 billion by 2020 or increase by 8.8% over 2016 average incomes, or demonstration of the growing Indigenous economic strength.
2.2% annual increase from 2016 to 2020. To reach $56 billion in income means There are
The absence of this data points to a growing need for establishing a
average per-tax incomes would have to increase by $3,188 per person or reach no official
stronger metric of Indigenous economic strength not based in GDP.
$39,231 per Aboriginal person in 2020. This kind of income increase seems statistics on
reasonable given that average Aboriginal incomes have reason steadily since A recent Manitoba study of the contribution of Aboriginal First Nation,
2000. households, businesses and governments in the Manitoba Métis and
economy estimated that Indigenous businesses spent Inuit business
Indigenous pre-tax income per capita has increased from $21,462 per capita in $6.0 billion in 2016 compared to $1.447 billion by Indigenous enterprise
2000 to $23,935 per capita in 2005 and then reached $36,043 per capita by 2016.2 governments and $895 million by Indigenous households.3 financial
This suggests an average annual per capita pre-tax income growth rate of These expenditure statistics were used to estimate the statistics which
4.2% between 2011 and 2016 for Aboriginal people with income. Should these contribution to Manitoba’s GDP estimated at $2.173 billion or is a better
historical income increases continue (4.2% per annum) Indigenous individual/ 3.2% of Manitoba’s provincial GDP of $67.4 billion. Aboriginal demonstration
household income should reach $62.3 billion in Aboriginal businesses made up an estimated 51.6% of Manitoba of the growing
individual/ household income ($43,623 per Aboriginal person Aboriginal GDP, Indigenous governments made up 43.8% of Indigenous
with income) in 2020 therefore exceeding the $56 billion GDP and households made up only 4.6%. This seems like a very economic
estimated income target for the $100 billion Aboriginal GDP by low estimate for the impact of Aboriginal household income strength.
the end of 2020. and expenditures given that Manitoba’s Aboriginal population
The total
The gap between Indigenous and non-Indigenous incomes of 223,310 which makes up 18.2% of the provincial population
income gap
is narrowing. On a household basis, the 2016 Census showed of 1,240,700. Notwithstanding the apparently low estimates for
(measured in
that after-tax household income of Indigenous households Aboriginal household contributions to GDP in Manitoba, this study
percentage
(estimated at 773,005 households) was $57,604 per provides a calculus pathway to estimating Indigenous business
terms between
household, which was 93.9% of the average non-Indigenous expenditures and revenues to estimate Canadian Aboriginal business GDP.4
Indigenous and
Canadian household after-tax income of $61,358. On a per Calculating the gross business expenditures by Indigenous businesses across
non-Indigenous
capita basis non-Indigenous Canadians had average pre-tax Canada is a considerable undertaking and beyond the scope of this paper.
total average
income) has incomes of $47,981 in 2016; Indigenous incomes were 75.1% of If business income makes up 41% of Canada’s estimated income-based GDP
narrowed from the non-Indigenous Canadian average. The total income gap then Aboriginal business income/revenues would have to amount to $41 billion
63.7% in 2000, (measured in percentage terms between Indigenous and non- added to the $56 billion in Aboriginal household income and spending power.
to 66.7% in Indigenous total average income) has narrowed from 63.7% in In addition, Aboriginal government discretionary income from own-source
2005, 72.5% in 2000, to 66.7% in 2005, 72.5% in 2011 and 75.1% in 2016. revenues would have to be estimated that is estimated to make up 3% of
2011 and 75.1% A key missing component in the $100 billion calculation based Canada’s GDP. This suggests that Aboriginal own-source revenues would have
in 2016. on GDP method is the value of Indigenous businesses in terms to amount to $3 billion in the year 2020.
of revenues, income, expenditures and investments. Compared to Canada’s projected GDP in 2020, how close might Canada’s
2 Based on Statistics Canada 2001, 2006 and 2016 Census data
3 Indigenous Contributions to the Manitoba Economy. January 2019. Study conducted by Brandon University, Manitoba Keewatinowi Okimakanak Inc., Southern Chiefs Organization Inc., and the Rural Development Institute.
4 The Manitoba study calculated indigenous business expenditures using the business registry data from Statistics Canada Table 36-10-0438-01 Supply and use tables by region for each First Nation. By including estimated employment and estimat-
ed expenditures per employee, it is possible to derive annual total gross business expenditures, excluding capital.
6Money, Meaning and Metrics In The Emerging 100 Billion
Dollar Indigenous Economy
2 . 0 M E T R I C S - M E A S U R I N G W H AT M AT T E R S T O W E L L - B E I N G An Indigenomics Perspective of Well-being-based Economies
Indigenous GDP be to the $100 billion goal? In 2020, Canada’s GDP in 2020 (3rd Quarter) reached $2,310 billion or $60,775 per Canadian which represents a
10.5% increase in total GDP and 5.4% increase in per capita GDP over 2016. If the Indigenous GDP grew by the same rate as Canada’s GDP did between 2016
and 2020, then the Indigenous GDP would be projected to reach $76.7 billion by the end of 2020.5 However, as previously noted, with Indigenous individual
and household incomes projected to reach $62.3 billion in 2020, it is highly probable that the $100 billion Aboriginal economy target has already been reached
if not surpassed, assuming Indigenous business revenues are at least roughly $35 billion.
However, as
As the Indigenous economy is unique in its historical evolution with significant limitations and challenges in contrast to Canada’s- understanding this
previously
unique context is an important consideration in building multiple pathways towards understanding the achievement of the 100 billion dollar Indigenous
noted, with
economic target beyond the existing GDP metric.
Indigenous
individual and
household 2 . 0 M E T R I C S - M E A S U R I N G W H AT M AT T E R S TO W E L L- B E I N G
incomes
projected to In 1968 Senator Robert Kennedy during his campaign to seek progressive economists since the mid 1970s have been
reach $62.3 the presidency of the United States. He challenged the premise developing alternative measures of progress that attempts to
billion in 2020, of the Gross National Product (GNP) as being the ultimate distinguish economic activities (namely expenditures) which
it is highly measure of progress. Kennedy noted that the GNP failed to contribute genuinely to well-being and those that detract from
probable that ‘measure the things that make life worthwhile’ although it well-being. These early measures included the emergence of It is this
the $100 billion measured the monetary value of all goods and services bought the Genuine Progress Indicator (GPI) – a more holistic measure concept of
Aboriginal and sold in an economy. The GNP ultimately became the GDP or of economic progress. ‘what makes
economy target Gross Domestic Product as it is known today. It is this concept life worthwhile’,
GPI is a full-cost accounting approach that measures changes
has already of ‘what makes life worthwhile’, measurable and with meaning measurable
and the economic costs of losses in well-being measured using
been reached if that remains relevant in todays’ economy and in and with
a variety of well-being indicators related to health,
not surpassed, the emergence of the 100 billion dollar Indigenous meaning
safety, the environment, economic livelihood,
assuming economy. that remains
debt, poverty, relationships, and the state of
Indigenous relevant
Kennedy’s challenge, now well over 50 years old, infrastructure. This new well-being accounting
business in todays’
remains largely unanswered. GDP and national system addresses the shortcomings of GDP as
revenues are at economy and in
income accounts from which GDP is derived, Robert Kennedy identified. Namely, GPI is a system
least roughly the emergence
are not a measure of welfare or well-being. This of measuring and tracking trends in well-being.
$35 billion. of the 100
shapes the question of focus in this paper ‘How How can we GPI accounting starts with GDP as the mac- billion dollar
can we measure the well-being and progress of measure the well-
being and progress
ro measure of overall economic development and Indigenous
the Indigenous economy through an Indigenous
of the Indigenous progress since it counts all expenditures in an economy.
lens of human well-being?’ economy through an economy without noting whether these expen-
Indigenous lens of
There has been an increasing movement to ditures contributed to genuine improvements in
human well-being?
identify alternative economic metrics. Some well-being conditions or in fact represent losses
5 These are projected GDP growth rates based on calculations by Mark Anielski using historical growth trends in Aboriginal household income, business income and expenditures and indigenous government expenditures.
7Money, Meaning and Metrics In The Emerging 100 Billion
Dollar Indigenous Economy
2 . 0 M E T R I C S - M E A S U R I N G W H AT M AT T E R S T O W E L L - B E I N G An Indigenomics Perspective of Well-being-based Economies
or degradation of well-being. GDP is adjusted in monetary terms by a number of societal and environmental costs including the cost of income and wealth inequality, the cost of
crime, the cost of pollution and loss of forests and wetlands. GPI also adds the unaccounted value of unpaid work including volunteer hours of time and time raising children or
caring for elders. The result is a significantly different picture of economic progress.
To frame this concept, the following figure provides an example of this in the Alberta GPI which was completed in 2001; the Alberta GPI begins with Alberta’s GDP and then
compares this trend with the trends in 51 other key economic, social, health, cultural and environmental well-being indicators.
The graph clearly shows that while Alberta’s GDP rose steadily for 40 years the overall conditions of well-being experienced by average Albertans fell. In addition, a revised GDP
‘income statement’ is generated that adjusts the monetary GDP estimates by the societal and environmental costs that are currently hidden or embedded in the GDP figures.
From a standard accounting perspective, both Indigenous nations and
countries globally lack a complete balance sheet and set of genuine wealth or
well-being asset accounts to measure well-being conditions of their human,
social-cultural, natural, built and financial/economic assets and liabilities.
The GPI accounting system for measuring well-being, as developed for
Alberta provides initial insight into a new accounting model for measuring,
monitoring and governing, decision- making and budgeting based on well-
being accounts and indicators. This corrects a basic failure in national income
accounting systems from which GDP is derived. National income accounts
from which the GDP measure of progress is derived simply measures the
amount of money exchanged in an economy in the form of either income or
expenditures. What is missing is the balance sheet equivalent that is normally
seen in enterprise or business accounting. A balance sheet approach to
accounting for well-being assesses the qualitative state of the numerous
assets that contribute to the well-being of any Nation. Measuring only the
cash flow in an economy ignores the state, value and depreciation of the
assets that constitute any community, state or nation. This is a major flaw
in GDP accounting, which is a universal challenge. Indigenous Nations can
rectify this international shortcoming in income accounting by establishing
their own comprehensive asset balance sheets that measure the physical,
qualitative and economic value of human, social-cultural, natural resources
(including traditional use values), built assets (e.g. all infrastructure, roads,
intellectual property, ideas, etc) and financial capital assets. Connecting the
metrics of well-being in the emerging 100 billion Indigenous economy is an
essential marker of success.
8Money, Meaning and Metrics In The Emerging 100 Billion
Dollar Indigenous Economy
3.0 MONEY An Indigenomics Perspective of Well-being-based Economies
3.0 MONEY
The word wealth originates from the 13th Century Old English meaning ‘the conditions of well-being.’ Ironically, Adam Smith’s seminal work, The Wealth of Nations (1776), failed
to define the word wealth in terms of its etymological origins of ‘well-being.’ To rectify this shortcoming of national accounting systems, Anielski (2007, 2018) proposes the
development of more comprehensive well-being accounting systems that would account for the physical, qualitative and monetary conditions of well-being of the five key
assets of any nation, province/state, municipality or corporation: human, social-cultural, natural, built and financial-economic assets. This would constitute the establishment of
a complete wealth accounting system that consists of both a balance sheet of the assets, liabilities and equity (distribution of wealth) of Indigenous Nation along with a ‘national’
income statement to track household, business, government and other income and expenditures which are the basis of calculating GDP as a measure progress.
3 . 1 F i v e C a p i t a l s o f t h e We l l - B e i n g E c o n o m y
By accounting for the well-being conditions of Indigenous
(First Nations, Métis and Inuit) assets, wiser decisions are
F i ve C a p i t a l s o f t h e We l l - B e i n g E c o n o my possible in terms of planning and budgeting. The well-
being impacts of capital and operating expenditures can
be quantified thus providing the basis of determining the
Financial Capital Human Capital
value of programs and services. This is the foundation
Financial assets (Money, cash, stocks, Individual skills, education, knowledge,
bonds, derivatives), liabilities (debt) and equity. capabilities, ane health (mental, physical, of community based wise decision-making based on a
emotional and spiritual) of individuals that
make up households, organizaitons and structure of accounting and well-being
communities.
For example, by accounting for the inventory, physical and
qualitative state and replacement cost value of Indigenous
housing stock on a Genuine Wealth balance sheet of a
Built Capital Social Capital Nation could guide capital and operating budgets for a
Infrastructure, buildings, roads, houses, The web of interpersonal connections,
factories, machinery, equipment, and relationships and networks, including trust, housing program. Measuring how housing impacts the
manufactured goods, and intellectual institutional arrangements, rules, and norms
property (patents, copyright) that that facilitate human interactions. Also, the mental, physical, emotional and even spiritual well-being
make up the material structure of society. set of values, history, traditions and behaviours
which link a specific group of people together. of members of a Nation can be measured using well-being
impact surveys.
Natural Capital
Moreover, this may guide housing programs for own-source
The land and natural resources, including soils, forests, water, air,
and other species and life forms, and the services which the earth and housing and developing sovereign wealth funds (similar to
its atmosphere provide, including ecological systems and life-support services.
Singapore with 90% of its public housing financed and held
it Singapore’s sovereign wealth fund). Placing the value of
© 2017 ANIELSKI INC.
housing assets on the Nations’ balance sheet is the first
step in building a proper five-capitals balance sheet for the
Nation. This would empower a Nation to demonstrate a Well-
9Money, Meaning and Metrics In The Emerging 100 Billion
Dollar Indigenous Economy
3.0 MONEY An Indigenomics Perspective of Well-being-based Economies
being ROI on its housing capital investments measured both in monetary terms and billion Indigenous economic target requires a comprehensive and
well-being or quality of life impacts. inclusive capital asset accounting position. Since GDP provides
only a limited perspective, it is possible through an indigenomics
A second example, is to begin measuring the ecological and traditional use
accounting position to begin to account for the ‘things that An Indigenomics
state of a Nation’s natural resources, plants, medicines and animals across its
make life worthwhile’ (Robert Kennedy, 1968), that is to measure approach to
traditional territories. Establishing a natural capital accounting system is critical
progress using indicators that track well-being conditions of any measuring
to understanding both the market value of these assets as well as the non-market
given Indigenous community aligned with the laws, principles, and economic
traditional use and ecological service values. This would empower a Nation
teachings of the Nation. Since GDP is simply a derivative of the total progress
to conduct land use planning in accordance with traditional values (guided by
balance sheet or assets of a nation (including well-being losses or towards the
traditional land use stewards and elders). Trade-offs between market value of
liabilities to well-being), it is possible to derive both physical and $100 billion
natural resource use and traditional use values can be more readily made thereby
economic value estimates of the human, social-cultural, natural Indigenous
optimizing a full suite of land and traditional use values. This also puts a Nation in a
and built assets of a Nation in the form of a fulsome balance sheet. economic target
stronger negotiating position vis-à-vis industry development and government land
The kinds of accounts do not exist at present nor are they derived requires a
use planning within traditional territorial lands thus ensuring the highest and best
by conventional accounting firms or auditors. comprehensive
economic and cultural values derived from the land.
There is nothing preventing a Nation on adopting a more and inclusive
Other emerging well-being economies and systems of measuring of progress are
comprehensive indigenomics accounting stance that would capital asset
evolving. These include Canadian Index of Well-being, Bhutan’s Gross National
measure the ‘genuine’ wealth of the Nation. Adopting well-being accounting
Happiness and the OECD Better Life Index, used by European nations. New Zealand
indicators aligned with Indigenous values can be drawn from a position.
has adopted a well-being progress indicator and budgeting framework. Finland and
comprehensive well-being accounting system that measures
Iceland are pursuing similar well-being-based governance and decision-making
the physical and qualitative state of the five core assets of any
platforms. Canada is in the process of considering the potential benefits of a well-
Nation. From these accounts conventional economic measures
being-based approach to decision making and budgeting.
of progress like GDP, household income, employment, housing
‘Measuring what matters’ to the well-being of a community or nation, means conditions, and education can be reported and compared to non-
that measures of ‘progress ‘ and ‘development’ extend beyond simply monetary Indigenous communities in Canada. However, additional measures of subjective
measures of progress like the GDP or profits of businesses. well-being that are mental, physical, emotional and spiritual in nature according to
An Indigenomics approach to measuring economic progress towards the $100 an indigenous view of a human being can be measured.
3 . 2 W h a t s h o u l d w e u s e a s m e a s u re s o f p ro g re s s ?
Kennedy identified many flaws in GDP accounting which ‘failed to measure the things that make life worthwhile.’ Kenney challenged economists to ‘measure what matters’
namely to use measures of progress that align with our values. From an accounting perspective, well-being conditions can be measured in qualitative, monetary and subjective
or experiential terms. As previous noted, the GPI accounting system treats expenditures in an economy that most people would find ‘regrettable’ or avoidable as negative
adjustments or deductions to the Gross domestic (national or provincial) product or gross total income or total expenditures by households, governments and businesses in
10Money, Meaning and Metrics In The Emerging 100 Billion
Dollar Indigenous Economy
3.0 MONEY An Indigenomics Perspective of Well-being-based Economies
society. Kennedy suggested that we need to begin to measure the joy of our
children’s play, the health of our forests and the integrity of politicians and leaders.
While not all of these indicators of well-being can be monetized, most can The Integrated Five-Capital Assets of
nevertheless be measured using various proxies or indicators. Genuine Wealth of Indigenous Communities
In order to measure what matters to well-being raises the fundamental question There are five integrated community assets that lead to flourishing communities
as to ‘what we value’ as a culture or society? Defining our core values, principles,
beliefs and laws will help define what measures of progress we will ultimately find
Mental, Spiritual, Emotional
Financial Capital Human Capital
meaningful as part of an accountability system
& Physical of our
Well-being, economy.
Skills, Money (cash, savings, credit, Mental, Spiritual, Emotional
investments), government & Physical Well-being, Skills,
Values are unique to individuals, cultures and communities. The word value comes funding, financial assets, Competencies, Stories,
from the Latin meaning to be worthy or to be strong. Agreeing upon a common set debt/liabilities and equity Hopes & Dreams (Elders,
Men, Women, Youth)
5
of values across diverse cultures will be difficult. This makes it difficult to envision
a common accounting system for measuring well-being that is applicable to all
nations or communities. However, a fundamental attribute of standard accounting, Capital Assets
namely the notion of assets, can provide a common platform for how nations
Built Capital Social & Cultural Capital
and communities might look at themselves and how progress towards better
All things that have been Kinship (families, clans)
conditions of well-being can be evaluated. made or manufactured with and relationships with each
both human & natural capital other, sense of belongings
Assets are technically something that you own and that derives future value (e.g. businesses, builidngs in the community, trust,
schools, factories), parks & social respect, harmony,
or what economists call utility. If utility were defined in terms of future potential
playgrounds, roads, behicles ceremonies & traditions.
well-being benefits that assets can provide to a community, then the notion of (autos, planes, trains),
equipment and tools.
optimizing the highest possible ‘returns’ to well-being from the common wealth or
shared assets of a community is a viable platform for governance.
The word assets has its etymological roots from the 1530s when it was defined as Natural Capital
“sufficient estate,” from Anglo-French assetz, from Old French assez “sufficiency, Natural resources (oil, gas, coal, minerals, forests,
soil), water, land, watersheds, traditional use, air,
satisfaction; compensation” (11c.). According to the dictionary definition, an asset carbon, birds, animals, fish and nutrients.
is ‘anything tangible or intangible that can be owned or controlled to produce value
and that is held to have positive economic value is to the owners of an asset. To
an economist and accountant, assets represent value of ownership that can be Objective Measures Subjective Measures
converted into cash (although cash itself is also considered an asset). of Well-being of Well-being
From an Indigenous perspective, assets might include the following asset types
and sub-asset classes as per the following diagram. © 2017 ANIELSKI INC.
This would be consistent with an Indigenous world-view of a human being as defined by the First Nations Health Authority.
11Money, Meaning and Metrics In The Emerging 100 Billion
Dollar Indigenous Economy
3.0 MONEY An Indigenomics Perspective of Well-being-based Economies
The definition of an asset can be extended to include anything tangible or intangible
that contributes to the well-being of an individual, an organization, the community,
a nation and natural ecosystems. By broadening this definition of an asset (and
the definition of wealth from it’s etymological origin meaning ‘the conditions
of well-being’) would allow accountants and economist to expand the scope of
measurement and reporting to including intangible assets such as trust, goodwill,
relationships and other forms of social capital in addition to natural capital
assets (forests, wetlands, carbon) and ecological goods and services. These
TAL
well-being assets would then become the basis of a sustainable livelihoods (as
per the Brundtland Commission model of 1989) for individuals and communities EN SO
M
RE L
and accounting system that aligns with the new United Nations
Y
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FA N
OM AL S
IA
Sustainable Development Goals (2016).
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From an Indigenous perspective, assets tend to be considered
NT
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A
shared amongst the members of a community; namely they
EM
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HUMAN
are part of their common wealth. Indigenous laws, similar to BEING
The definition
L
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‘natural laws’ defined in Western economies, guide decision
PH
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of an asset can
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making and help determine what assets are vital to a good life IC
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PO M
IC
I
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AL
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be extended SP
M
and well-being. Building accounting and governance systems on
U N IB IL
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OM
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to include
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a solid foundation of indigenous values, principles, and laws is R IT IT Y
Y REL N
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anything
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fundamental to good governance and is congruent with the notion
tangible or
of well-being-based planning, budgeting and decision making.
intangible that
Moreover, an accounting system that measures the well-being
contributes
conditions of the assets of any community or nation, is critical to
to the well-
good and wise governance.
being of an
individual, an The ultimate choice of well-being indicators as proxies of mental,
organization, physical, emotional and spiritual well-being of a person, family,
the community, household or Nation is a creative process requiring decision-
a nation makers to consult its members, particularly elders, to carefully
and natural discern if the indicators used are good proxies of well-being
ecosystems. aligned with the core values, laws and principles of ‘a good life’
and identity of the community.
12Money, Meaning and Metrics In The Emerging 100 Billion
Dollar Indigenous Economy
4.0 SHAPING MONEY An Indigenomics Perspective of Well-being-based Economies
4.0 SHAPING MONEY- REDEFINING MODERN WEALTH IN INDIGENOUS REALITY
By returning to the original English definition of the word wealth This deeper understanding of both wealth and happiness (as defined in Greek
Wealth,
(well-being) would be consistent with an Indigenomics view of the eudaimonia meaning ‘well-being of spirit’) are congruent with an Indigenous view
properly
world and economies. From an Indigenous perspective well-being of the world (as a circle of relationships) and of the human person, in the form of the
defined form
considers the mental, physical, emotional and spiritual well-being medicine wheel (common to many Indigenous groups in Canada).
it’s original
of individuals, families and the community as a whole. From an
old English Wealth, properly defined form it’s original old English meaning refers to all well-
Indigenous perspective, all wealth or well-being is considered to
meaning refers being conditions and assets, as an integrated whole requiring a holistic framework
have originated from the Creator or God. Ownership or property
to all well-being for measuring progress. Measures of wealth would include a balance of quantitative
rights by individuals is incompatible with the Indigenous view of
conditions and qualitative (or subjective) measures of well-being.
shared responsibility and ‘all my relations’; namely that there is a
and assets, as The importance of narrative is critical to understanding how people actually experience
shared responsibility for the stewardship of the total or genuine
an integrated well-being and quality of life. Stories or narrative is fundamental to an Indigenous
wealth of a nation or community, in harmony with Mother Earth or
whole requiring approach to seeing the world and another means of ‘measuring’ life’s progress.
nature.
a holistic
framework
for measuring 4 . 1 S h a p i n g M e a n i n g - A c c o u n t i n g f o r We a l t h i n M o d e r n I n d i g e n o u s E c o n o m i c D e s i g n
progress.
Measures of The origin of bookkeeping and account systems as we know them This points to the importance of accounting for wealth according to
wealth would today are important to understand in their development. The the original definition, namely measuring the well-being conditions
include a standard double-entry bookkeeping or accounting system used of the assets that contributes to the long-term well-being of an
balance of today by businesses and governments originates from the late enterprise, a community or a nation. Ironically, virtually every
quantitative 15th Century in Italy when Franciscan monk and mathematician government at any level (federal, provincial, or municipal), including
and qualitative Luca Pacioli and his friend Leonard da Vinci designed a system First Nations, fail to produce a comprehensive asset balance sheet
From such a
(or subjective) of accounting of balance sheets (assets, liabilities and equity) that would report the well-being conditions of genuine wealth of
perspective
measures of and income statements that is still used today to determine the community.
all assets are
well-being. the financial health of any organization or nation. However, few
Indigenous people understand that this more comprehensive interconnected
accountants today remember that Pacioli never defined the word
definition of wealth and that wise stewardship of this wealth in a relationship
‘profit’ and was adamant that all wealth came from God. He noted
requires an integral or holistic framework that recognizes the and all work
that a wise business person or cooperative guild societies common in Venice and
relationality of all assets. From such a perspective all assets together to
Italy, first conducted a complete physical and qualitative inventory of the assets of
are interconnected in a relationship and all work together to constitute a
their enterprise before the assets were measured in monetary value terms.
constitute a flourishing condition. Well-being data and assets flourishing
A balance sheet and income statement were the tools by which business people, as that include the interrelationship and use of circle graphs condition
well as private merchant banks, accounted for their progress and overall resilience. or diagrams provides a useful way of representing data and
13Money, Meaning and Metrics In The Emerging 100 Billion
Dollar Indigenous Economy
4.0 SHAPING MONEY An Indigenomics Perspective of Well-being-based Economies
indicators that allows decision makers to see the inter-connectivity and mutuality of a nation’s assets and the relationship between and amongst indicators of well-being. Just
as financial analysts can assess the health and vitality of a company by drawing forth key performance indicators from the financial statements, the well-being conditions of a
nation can be drawn from a comprehensive set of ‘genuine wealth’ accounts of any nation.
4 . 2 A n I n d i g e n o m i c s a p p ro a c h t o c a p i t a l i s m
While capitalism itself is difficult to define in terms of its underlying accumulation along with hedonistic satiety. For the capitalist there is no limit to
belief structure and narrative and long term impacts, it is important growth nor is there a moral or ethical limiter that would constrain such hedonism.
When wealth
to note that the words wealth and capital are etymologically close
is re-defined From an Indigenous perspective since all wealth comes freely from the Creator/
cousins. One definition of “capital” is ‘wealth producing more
to include the God the accumulation or hording of material wealth is incompatible with how
wealth’ and “capitalism” as the system directing that process. When
meaning ‘the Nature operates. Capitalism thus would be considered inconsistent with Indigenous
wealth is re-defined to include the meaning ‘the conditions of well-
conditions of ‘natural law.’ This concept applies to the notion of property rights and ownership
being’ then an Indigenomics approach to wealth management
well-being’ over land and resources. The notion of ownership for the cumulation of material
must take a holistic and integrated approach that goes beyond
then an wealth made no sense to an Indigenous people who see nature as the model for
maximizing financial returns or profits from the management of
Indigenomics abundance and sustainability. Ceremonies embedded with gratitude to the Creator
financial assets alone.
approach for these gifts of nature and is a key part of maintaining a healthy and flourishing
Amintore Fanfani the Prime Minister of Italy in the 1960’s wrote
to wealth culture and relationships. The notion of reciprocity in the gift economy is common
an important critique of capitalism in 1935 titled “Catholicism,
management to Indigenous cultures and existed before contact and before capitalism evolved as
Protestantism and Capitalism.” This young economic historian
must take a the dominant economic paradigm of today.
identified capitalism as a “spirit” and associates economics with
holistic and
the same capitalist spirit. To use such a powerful word as “spirit” Neoliberal economics is based on a sense of individual utility maximization and self-
integrated
is remarkable because it suggests a deeper mystery to the values, actualization with little regard to the impacts on the well-being of our neighbor and
approach that
principles and ideology which guide systems as complex as of nature. Some say the hallmark of capitalism is it has or lacks any ethical or moral
goes beyond
economies. codex. It operates without any consideration of the consequences of individual
maximizing
Few critics have been so bold as to associate capitalism with actions on the well-being of others. An Indigenous approach sees all relationships
financial
spirituality or faith except Fanfani. If Fanfani is correct, then as interconnected therefore the notion of the concept ‘all my relations’ makes sense
returns or
the dominant neoliberal economic paradigm constitutes the from the perspective that all things are in relationship from the Creator down to the
profits from the
theological foundations of financial market capitalism. Fanfani ant. This entails taking a multi-generational or seven generation perspective for in
management of
traces the origins of capitalism to 12th Century Europe with decision-making. It is the return to long term multi-generational decision-making
financial assets
capitalism embracing the belief in unbridled material and wealth that is foundational to Indigenous self-determination and economic freedom.
alone.
14Money, Meaning and Metrics In The Emerging 100 Billion
Dollar Indigenous Economy
4.0 SHAPING MONEY An Indigenomics Perspective of Well-being-based Economies
4 . 3 H o w m u c h m o n ey i s e n o u g h fo r a ‘G o o d l i fe ? ’ S u s t a i n a b l e i n c o m e i n a n I n d i g e n o u s
e c o n o m i c sy s t e m
Fundamental to the question of sustaining a ‘good life’ is how much money is needed financial stress by lifting them out of poverty and providing a basic
for a good life? How much income constitutes a living wage that would be sufficient level of economic security.⁷
for the basic needs of life; food, shelter, clothing, transportation? The Indigenous It is the
For example, living wage estimates across areas in Canada suggest
experience in the absence of the basic needs of life is expressed within the socio- return to long
that a typical household in Victoria would have to earn roughly
economic gap metric. term multi-
$73,000 per annum with two working adults and two children to
generational
An Indigenomics view of money sees money as simply a tool or another form of enjoy a living wage, while in Winnipeg a living wage of a household
decision-
wealth or asset. Money is simply an agreement and facilitates the exchange or would be roughly $55,000. Using Statistics Canada 2016 census
making that is
transactions of goods and services. Most economists do not understand the nature data for household income, roughly 47% of Indigenous households
foundational
of money or were originates. Today the vast majority of money is created as debt had total incomes of less than $59,000 per annum. In other words,
to Indigenous
instruments; according to the Bank of England, nearly 98% of modern money an estimated 47% of Indigenous households were living below a
self-
originates as private bank loans combined with governments issuing debt bonds living wage. The median Indigenous total household income for all
determination
to finance their operating deficits, the bonds sold to private markets (banks and Indigenous people in 2016 averaging averaged $63,960 compared
and economic
investment firms). Ironically modern debt-money is not tied to assets of a nation with $70,332 for non-Indigenous households (based on 2016
freedom.
or jurisdiction. In that sense, money has no real value or is it a measure of genuine Statistics Canada Census).
wealth or well-being.
From an Indigenous perspective, income and expenditures alone
Some happiness focused economic studies have suggested that a household makes up a part of the components of well-being. Other non-
income of roughly US $60,000 to US$75,000 is sufficient for a threshold of market values include traditional use practices on the land ranging
emotional well-being to be reached by a typical household of four persons.6 from hunting, fishing, berry picking, collection and use of plants and medicines and
Others would use the living wage as an estimated well-being income proxy or spiritual practices. These non-market values although not monetized nevertheless
threshold. A living wage is a wage or income necessary to live relatively comfortably contribute to the well-being of an indigenous person and culture. But how can these
in any given economy of society. A living wage is not the same as the minimum be ‘valued’ in the conventional economic sense of assigning monetary value? How
wage, which is the legal minimum all employers must pay. A living wage reflects can these traditional use values to treated in a similar fashion as non-Aboriginal
what earners in a family need to bring home based on the actual costs of living in a households treat expenditures on food, clothing and other needs purchased in the
specific community. market place for money? If indigenous people derive real well-being value from these
The living wage is calculated as the hourly rate at which a household can meet its traditions then does this suggest that the income necessary to purchase other life
basic needs, once government transfers have been added to the family’s income needs in the conventional market could be lower than non-Aboriginal households?
and deductions have been subtracted. The living wage gets families out of severe Does this in turn suggest a different notion and value for an indigenous living wage?
6 h t t p s : / / w w w. c b c . c a / l i f e / w e l l n e s s /s a l a r y - s w e e t - s p o t - n e w - s t u d y - c l a i m s - t h a t - t h i s - s p e c i f i c - a m o u n t - o f - m o n e y - a c t u a l l y - c a n - b u y - h a p p i n e s s - 1 . 4 5 4 7 2 0 1 # : ~ : t e x t = J e b b % 2 0 c o n f i r m s % 2 0 h i s % 2 0
t e a m % 2 0 % 2 2 f o u n d ,w i t h % 2 0 q u e s t i o n n a i r e s % 2 0 e x p l o r i n g % 2 0 t w o % 2 0 m a i n
P u r d u e U n i v e r s i t y ’s D e p a r t m e n t o f P s y c h o l o g i c a l S c i e n c e s , A n d r e w T. J e b b “ f o u n d t h a t t h e i d e a l i n c o m e p o i n t i s $ 9 5 , 0 0 0 f o r l i f e e v a l u a t i o n a n d $ 6 0 , 0 0 0 t o $ 7 5 , 0 0 0 f o r e m o t i o n a l w e l l - b e i n g . ” T h e
r e s e a r c h q u e s t i o n n a i r e s e x p l o r e d t w o m a i n f a c e t s o f e a c h e a r n e r ’s e x p e r i e n c e : t h e i r s e n s e o f e m o t i o n a l w e l l - b e i n g ( w h i c h , f o r t h e p u r p o s e s o f t h i s s t u d y , w a s d e f i n e d a s t h e r a n g e o f p o s i t i v e
f e e l i n g s t a t e s l i k e h a p p i n e s s a n d n e g a t i v e o n e s l i k e s a d n e s s t h a t a r e f e l t d a i l y ) a n d o v e r a l l l i f e s a t i s f a c t i o n ( w h i c h , f o r m o s t , h i n g e s o n a t t a i n i n g s e t g o a l s b u t a l s o o n o n e ’s s u c c e s s r e l a t i v e
t o o t h e rs ) . T h o s e n u m b e rs i n C a n a d i a n f u n d s wo u l d b e $ 1 2 0 , 3 0 7 fo r l i fe ev a l u a t i o n a n d $ 7 6 , 0 0 0 t o $ 9 5 , 0 0 0 fo r e m o t i o n a l w e l l - b e i n g , re s p e c t i ve l y. B u t s e e i n g a s t h e ave ra g e s a l a r y i n C a n a d a i s
$ 5 1 , 0 0 0 ( o r $ 9 8 6 a w e e k ) y o u m a y b e m o r e i n c l i n e d t o c l i n g t o i d e o l o g i e s a l i g n e d w i t h l i f e ’s e n r i c h i n g i n t a n g i b l e s , l i k e a p u r s u i t o f p u r p o s e , i n s t e a d .
⁷ h t t p : / / w w w. l i v i n g w a g e c a n a d a . c a / i n d e x . p h p /a b o u t - l i v i n g - w a g e / w h a t /
15Money, Meaning and Metrics In The Emerging 100 Billion
Dollar Indigenous Economy
4.0 SHAPING MONEY An Indigenomics Perspective of Well-being-based Economies
These are complex issues to resolve. Yet from a holistic well-being perspective accounting systems as previously outlined. As such, current money systems
and using an indigenous lens of human well-being, it is possible to determine a including the Canadian dollar are currently not linked to any asset accounting
healthy balance of mental, physical, spiritual and emotional well-being that can find system or balance sheet for Canada. The majority of modern money is created
expression in economic terms. This raises fundamental questions about how much in the form of private bank loans and bonds,
money is enough for a good life? Understanding the level of income needed for a issued by governments and corporations.
good life, with or without access to traditional use benefits, is strategically important The creation of Indigenous ‘credit’ and money,
to determining the financial needs of an Indigenous household and community, through the use of blockchain technologies and
including the sustainable level of national income (Indigenous GDP) to sustain platforms, linked directly to sovereign wealth
A smart contract is a self-
the nation’s programs and services connecting Indigenous metrics of indigenous or well-being accounts is feasible and could
executing contract with
economic growth and strength to these programs and services is essential within emerge in the near future. The adoption of
the terms of the agreement
the context of the emerging 100 billion dollar Indigenous economy. smart contracts and block chain technology to
between buyer and seller
facilitate economic transactions within a Nation
Many options are available to Indigenous communities to pursue and achieve being directly written into lines
and between Nations represent important
financial self-determination or sovereignty considering that these Nations could of code. The code and the
innovations within an Indigenous economy.
manage their own total wealth, establish sovereign wealth or trust funds (similar agreements contained therein
to nations like Norway and Singapore), and establish their own credit, banking The notion of smart contracts is an emergent exist across a distributed,
and money systems tied directly to the assets or wealth of each Nation. New monetary and contractual platform that has decentralized blockchain
developments including cryptocurrencies, block chain technologies and smart emerged with the context of the Bitcoin -- one network. The code controls the
contracts present unique opportunities for First Nations to use these new tools to of the world’s first forms of cryptocurrency execution, and transactions
achieve financial self-sufficiency. emerging from the ashes of the 2008 market are trackable and irreversible.
crash. Smart contracts permit trusted
In principle money is simply an agreement that is created out of our imagination
and a system of bank-created credit. In reality money creation could be modelled The potential application of smart contracts transactions and agreements to
after natural systems such that money is viewed a kind of public utility modeled and block chain platforms that are part of the be carried out among disparate,
after nature and natural laws, in its essence familiar to Indigenous reality. Creating tools First Nations would use to manage the anonymous parties without the
sufficient money supply tied to the natural ecological capacity of a Nation’s Nation’s genuine wealth and assets is possible need for a central authority,
traditional territory and within the natural harmony of watersheds is possible. More in the interests of achieving economic and legal system, or external
importantly it is possible to create a financial system and architecture that is tied financial self-determination. Anielski has enforcement mechanism.
directly to a well-being accounting system proposed earlier. developed a prototype well-being based block- While blockchain technology
New financial architectures, tools and instruments such as blockchain chain platform that would use well-being- has come to be thought of
technologies, cryptocurrencies and smart-contracts are emerging as based smart contracts to define the exchange primarily as the foundation
alternatives to conventional fiat money systems such as the Canadian and of time, individual skills, talents and services for bitcoin, it has evolved far
US dollar. The use of these new digital financial platforms holds some promise
that would translate into not only monetary beyond underpinning the virtual
for Indigenous communities particularly when considering the potential for
sovereignty of the full suite of assets of a Nation and the potential financial contractual benefits but well-being impacts or currency.
authority and autonomy of credit and money creation linked directly to the asset benefits as well.
16Money, Meaning and Metrics In The Emerging 100 Billion
Dollar Indigenous Economy
4.0 SHAPING MONEY An Indigenomics Perspective of Well-being-based Economies
Well-being impacts would be verified on the ‘blockchain’ and be ‘immutable’ in the sense that a permanent record of the relationship between two or more parties in the
contract would be made. Well-being impacts as diverse as living wages paid in the contract, the use of time by both parties in a contract as well as the perceptional well-
being impacts (mental, physical, emotional and spiritual), trust and other attributes of relationships would be mutually verified by each individual in the relational contract.
In other words, the currency of exchange and measure of impact would be well-being as a quantifiable and experiential metric (i.e. a Well-being Dividend). In a mutually
reciprocal and relational economy based on well-being, the primary goal of personal and collective development would be to help each other to live the best possible life,
optimizing our medicine wheel of well-being at every phase and age of our life.
4.4 W h a t c o n s t i t u t e s a s u s t a i n a b l e m o n e y s y s t e m i n e m e rg i n g I n d i g e n o u s e c o n o m i e s ? W h a t o p t i o n s
a re a v ai l ab l e to In d i g en o us communit ies in t er ms of sovereign mo ney a nd s o v erei g n w ea l th fund s ?
A sustainable money system is possible as a natural outcome of a flourishing indigenous economy. The creation of sovereign money informed by information about the
well-being conditions of each Nation (using integrated total wealth accounts) is possible. Such sustainable money systems are under development by money architects
and economists in Europe and in other pockets of innovation around the world. Real opportunities exist for pilot projects to experiment with sustainable money systems
that could become the model for sustainable economies of well-being not only for Indigenous communities but for provinces and Canada as a whole. Today there are
important innovations that suggest that any nation, no matter what size, can develop a sovereign money system tied directly to the assets and wealth accounts of that
nation without incurring unsustainable financial debt.
Indigenous Nations have the right to an economy, as described within the United Nations Declaration on the Rights of Indigenous Peoples, essentially expressed as control over
our sovereign or genuine wealth and therefore have the ability to issue their own money and conduct our own financial affairs based on a proper accounting of their sovereign
wealth. Just as a central bank of Canada has the power to issue money for the purposes of all Canadians so too for Nations who have the ability to issue funds necessary for the
needs of the nation tied directly to the assets of the Nation. The creation of sovereign wealth funds exist at the national level in countries like Singapore and Norway who manage
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