AT the bottom corner of my computer screen a little box flashes up occasionally informing me on whether the FTSE stock market index is rising or falling.

Political commentators debate endlessly how we can get the economy to grow faster. Yet, it is only rarely that we are exposed to a more fundamental question: what is the economy actually for?

At the end of November the University of Glasgow will host the Wealth of Nations 2.0 conference, organised by the Wellbeing Economy Alliance (WEAll) and Carnegie UK. This conference is an opportunity to ask that fundamental question, and to hear from First Minister Nicola Sturgeon and the other nations which are affiliated to the Wellbeing Economy Governments group.

For decades the accepted wisdom has been that there is no alternative to the current economic design. Other models are said to have failed. Deregulation, privatisation, market solutions and low taxes are all argued to be essential to maintain economic growth and make us all richer, with wealth "trickling down".

But we know this is not working. Poverty is rising. Average life expectancy has stopped improving and is getting worse in our most deprived communities. Democracy is under threat from digitally-induced polarisation and misinformation. Global greenhouse gas emissions continue to rise inexorably and our planet is now set to breach numerous tipping points which pose existential threats. We face so many concurrent threats that commentators have argued that we now face an unprecedented "polycrisis" – where multiple interacting global crises produce greater harms to the planet and humanity than those crises would produce in isolation.

The Wellbeing Economy Alliance has argued that the current economic design is at the root cause of this polycrisis, and with good reason. Wealth ownership has become increasingly concentrated, creating vastly unequal power relationships and incomes. The environment and nature have been exploited and used as a dumping ground for waste, as these impacts are external to current economic models, and the regulations and enforcement processes in place have been too weak to be effective.

Where countries have reduced their environmental impacts, much of this has been achieved by shifting production abroad to other countries so that this does not appear on local accounts, or has led to "rebound effects" whereby savings simply generate consumption in other areas.

In the face of all these challenges, there is a rising tide of new economic thinking. Wellbeing economy is a broad term which describes the achievement of "social justice on a healthy planet". "Just transition" describes how we can move from a high-carbon economy to a low-carbon economy whilst protecting the livelihoods of workers and people negatively impacted. "Community wealth building" is an approach to economic development which seeks to increase democratic control over the economy and retain wealth locally. Ideas of "degrowth" describe how a managed decline in economic activity and consumption are both desirable and necessary to sufficiently address the polycrisis.

Scotland is pioneering this new economic thinking that works for people and planet, with pioneering businesses, community groups and civic society working to support a transition towards a Wellbeing Economy. The Scottish Government’s National Strategy for Economic Transformation (NSET) has a wellbeing economy as its overall aim and increased public ownership of sections of the economy is in progress. Many local councils and regional structures are implementing community wealth building. Scotland has world-class examples of workers’ co-operatives (such as Green City Wholefoods, a wholesaler of ethically-sourced food and drink based in Glasgow’s East End), democratising sections of the economy.

However, we are simultaneously facing in two directions. Our public sector is on its knees after more than a decade of UK Government-induced austerity, and a further period of austerity now looks likely. Despite the focus on wellbeing within the Scottish Government’s strategy, economic growth is still prioritised, and with that road building, air travel, space ports, high consumption, retention of regressive taxes such as council tax, and maintenance of the vast inequalities of economic ownership. Most economic activity still fits within the dominant economic paradigm, exacerbating inequalities and externalising environmental and human costs.

The Wealth of Nations 2.0 conference is an opportunity for Scotland to redouble its efforts to change. Redesigning the economy to serve the needs of people and planet, and to value what actually matters, is an urgent task but one which could garner popular support. To successfully make this transition we need a deep deliberative conversation about the society we want and the economy that can support this. This will need to challenge current power imbalances and build on the democratic innovations now available. In contrast to the economic orthodoxy, there is no alternative if we want a healthy planet for our children and grandchildren to live on.

Gerry McCartney is Professor of Wellbeing Economy, University of Glasgow