Should there be alternative to the GDP?
In an email interview with The Nation, US-based historian, Eric Zencey says it’s time to ditch The Gross Domestic Product (GDP) for a more meaningful and inclusive index which can more accurately measure country performances.
Why should we be thinking of an alternative to the GDP now?
GDP is a deeply foolish measure of economic progress and well-being. It was never designed to measure either of those, and we ought to find a better measure as soon as possible. Anytime is a good time to do this, but the downturn we’re facing now makes this an additionally opportune time. What we’re seeing economically is in many ways unprecedented, and its resolution will require thinking in ways we haven’t thought before. In practical terms, with GDP down worldwide, a change now is easier. The new measure could be implemented and could guide policy toward an economic recovery that gives us more of what we really want, which is social well-being, not just economic activity. Continue reading Gross Domestic Product (GDP) Vs Gross National Happiness (GNH)






