May

30

 One wonders if in Europe politicians want to replace GDP as an indicator
because the old continent is clearly incapable of growing economically
(with unemployment problems and so forth) and they are not able to show
the public how well they perform. Or rather if it is true that in
developed countries efforts should go into other endeavors and that
growth does not mean better quality of life:

"The European Commission has held a series of conferences focusing on measuring sustainable development and the need to think Beyond GDP, and its statistics agency Eurostat has started to work on developing well-being indicators for the European Union."

"There is a huge distance between standard measures of important socioeconomic variables like growth, inflation, inequalities etc… and widespread perceptions. Our statistical apparatus, which may have served us well in a not-too-distant past, is in need of serious revisions."

"…governments should adopt new headline measures of sustainable well-being and progress that encapsulate this vision of national success. But that these new measures will only matter if they actually influence government policy."

"Creating new measures of progress will be a statistical and political challenge. But if we want to create a world that is happier, fairer and more sustainable then we really do urgently need to find a replacement for GDP."

Full article here.


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