NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

AVPA is hosting the Global Head of Social Impact and philanthropy at UBS, Tom Hall for a discussion on the paradigm shift from output economics to impact economics based on the UBS white paper, “The Rise of the Impact Economy” Economists and markets are starting to note that output-based measures like GDP can distort what the discipline of economics is supposed to achieve. UBS notes that though GDP records progress, it does not capture the many ways in which humans are failing to improve their living standards. Understanding the dynamic interplay between profit, social well-being, and environmental sustainability is paramount. Impact economics offers a fresh perspective that emphasises the interconnectedness of these three pillars, taking account of all the economic costs and benefits, and challenging traditional notions of economic success. We will delve into the key principles of impact economics, understand the need to transition from the output to the impact economy, how we can enhance its growth and adoption, and how financial service players can contribute to this transition.