Holten questions well-being decline in wealthy Faroe Islands

In her book “Underskud – om værdien af omsorg” (Deficit – On the Value of Care), Emma Holten raises a thought-provoking question: how is it possible that one of the world’s richest societies, the Faroe Islands, is experiencing a decline in overall well-being?

Holten suggests that one reason for this paradox can be found in economics, which underpins the societal framework established centuries ago. Our ancestors chose a system where all value could be expressed in monetary terms, leading to aspects of life that cannot be quantified—such as care—falling outside the economic value system and thus being undervalued.

She highlights the importance of care, such as nurturing children, attending to the sick, and expressing appreciation for one another. These activities, while socially significant, do not have measurable monetary value, creating challenges in recognizing and upholding their worth.

Holten emphasizes the necessity of long-term thinking when it comes to investments in education and healthcare. Although these investments may appear to be costs in the present, they yield engaged, informed, and healthy citizens who contribute significantly to a functional society.

She criticizes a mentality that treats surplus as an end in itself, advocating instead for a broader perspective that considers the long-term benefits of investing in social welfare rather than solely focusing on immediate financial gains.