Podcast 🎧 & blog: How to rethink growth in the intangible economy? A Case from Finland

Written by Federico Plantera

Future prosperity is increasingly rooted in assets that defy traditional measurement. While we continue to track roads built and services delivered, much of what shapes our collective future lies in more subtle dimensions: trust, ethical governance, institutional coherence, and the bonds that allow people to thrive. 

Consider, for instance, the value of public trust in institutions. It is not something governments can purchase or quickly generate, yet it is essential to the success of everything, from vaccination campaigns to digital identity systems. Likewise, the design of a citizen portal that treats users with dignity can foster a sense of agency and belonging. Hard to capture that in budgets or audits.  

Eeva Hellström, Senior Lead in Foresight and Training at the Finnish Innovation Fund Sitra, helped us reflect on that at this year’s e-Governance Conference. So let’s consider here the deeper layers of value creation and ask how digital governance can become a vehicle for long-term prosperity. Beyond efficiency, beyond growth. 

Valuing the Invisible for Better Growth 

Much of today’s policy and economic decision-making still relies on assumptions based on the volume and speed of economic activity, but that fail to account for contributions to social cohesion, wellbeing, or environmental health. As Hellström points out, to start with, “We have many blind spots about the intangible economy.” 

One of the most persistent is that we consider intangibles only through the lenses of ‘capital’ or ‘value added’. But it’s a reductive view that misses broader impacts. For instance, digital technologies may seem environmentally neutral, but their production, use, and data storage all carry significant ecological costs. Similarly, the wellbeing implications of digital transformation go well beyond productivity, affecting mental health, social connectedness, and human development. 

“The real hard side of digital transformation,” she argues, “is the human and ethical perspective. What we call the hard side today – technology and infrastructure – may actually be softer than we think.” 

Evaluating digitalisation through short-term metrics risks missing the structural, long-term value that such initiatives can provide. “If we don’t remember the true role of government, which is to care for people and the planet, digitalisation could accelerate an already unfair and unsustainable economic system,” she warns. 

Governments need to adopt broader perspectives that value outcomes such as trust, institutional resilience, and inclusion. But how can such intangible returns be measured? “Not everything can or should be priced,” Hellström explains. Ask, instead, three guiding questions when evaluating any investment:  

• Is this good for people?  

• Is it good for communities?  

• Is it good for the planet?  

“If you can’t answer all three positively, both in the short and long term, perhaps you should rethink your approach.” 

The Role of Institutions. A Case from Finland 

In Finland, efforts to integrate these principles are already underway. As a country committed to foresight and sustainability, Finland is shifting focus from mere economic growth to more holistic prosperity. This includes strategic investments in education, digital infrastructure, and trust-based public services. 

“Different countries will interpret intangible investment differently,” Hellström acknowledges, “but the questions remain relevant everywhere.” In lower-income countries, the focus may be on green growth and building foundational digital capacity. In higher-income contexts, the challenge lies in reducing material consumption and decoupling well-being from economic expansion. 

These shifts require institutional transformation. Public bodies must evolve to think beyond electoral cycles and to manage long-term complexity. “We always need human consciousness and human interpretation,” Hellström says, especially when working with AI or predictive technologies. Machines may simulate answers, but only people can imagine futures worth striving for. 

This means reassessing how we design institutions, allocate public budgets, and define success. It also means recognising that co-evolution between humans and technology is shaping our capabilities and expectations in ways we don’t yet fully understand. And as policymakers deploy AI and digital tools, they in the first place must stay aware of hidden feedback loops and long-term consequences. 

Reframing Digital Government for Shared Value 

“Digital transformation should not just be about saving money,” Hellström insists. “It should be about creating shared value that lasts.” 

This requires rethinking not only the purpose of digital initiatives but also how they are embedded within the broader governance ecosystem. Many digital reforms focus on optimisation and automation without critically assessing what they aim to enhance or why. But as Hellström puts it, “We need to think about digitalisation as something that enables better futures, not just quicker services.” 

Looking at digital government in this way opens the door to more inclusive policymaking. Co-creation and participatory processes can ensure that services are as technically functional as socially meaningful. And engaging people in how technologies are designed and governed can increase both the legitimacy and effectiveness of digital tools. 

Ultimately, rethinking growth in the intangible economy is not a call to abandon economics, but to expand it. Account for the invisible forces that shape wellbeing, fairness, and sustainability in the digital age. By placing care, inclusion, and long-term thinking at the centre of digital governance, we can ensure technology becomes a means to prosperity, not its substitute. 

Follow the discussion at the e-Governance Conference 2025 

“The true cost of digital transformation: investing in long-term value” featuring Dr. Eeva Hellström – Senior Lead, Foresight and Training, Finnish Innovation Fund Sitra, Finland; Dr. Belio R. Kipsang – Principal Secretary, State Department for Immigration and Citizen Services, Ministry of Interior and National Administration, Kenya and Anna-Greta Tsahkna — Founder/CEO, Timbeter, Member of the Supervisory Board, e-Governance Academy, Estonia (moderator) 

Interested in more?  

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