10 votes

Icelandic prime minister Katrin Jakobsdóttir wants to introduce a well-being economy – GDP becomes merely one of 39 indicators of national progress

2 comments

  1. nacho
    Link
    I believe it's a real issue that GDP is used as a short-hand for national progress. There are large issues with GDP, how different countries report GDP in sneaky ways to entice investors and...

    I believe it's a real issue that GDP is used as a short-hand for national progress.

    There are large issues with GDP, how different countries report GDP in sneaky ways to entice investors and others to view their economy as attractive, and how different measure of GDP don't actually make them directly comparable statistics.

    As a short-hand, the measure is effective and useful. Just like The Economist's Big Mac index of informally measuring purchasing power parity (PPP) and consequently currency valuations.


    As I see it, the real issue is that media and others only evaluate the success of countries based on GDP-related statistics. And that GDP is used too many places where it isn't relevant.

    We need more uniform measurements of both the economies of the world, but also other aspects of society to measure countries by. To me happiness indexes, poverty indexes, education parameters, measures of equality and inequality, of development, population health, just to mention a few different categories, and international attention and standardization of those measures could lead to the betterment of billions of lives.

    7 votes
  2. Kuromantis
    Link
    If you just want to read the indicators they (according to this PDF) are: Society Health Life expectancy Healthy life years Unmet needs for Healthcare Mental health Education Level of education...

    If you just want to read the indicators they (according to this PDF) are:

    Society

    Health

    • Life expectancy
    • Healthy life years
    • Unmet needs for Healthcare
    • Mental health

    Education

    • Level of education
    • Lifelong learning
    • Dropout from secondary school

    Social capital

    • Voter turnout
    • Trust in others
    • Trust in the Political system
    • Social support
    • Formal volunteer activities

    Security

    • Feeling safe after dark
    • Crime victimization

    Work-Life balance

    • Long working hours
    • Working during 'unsocial hours'
    • Multiple jobs

    Environment

    Air quality and climate

    • Particulate Matter
    • Greenhouse gas emissions

    Land use

    • Progress in land reclamation
    • Protected areas

    Energy

    • Ratio of renewable energy in total energy consumption

    Waste and recycling

    • Quantity of municipal solid waste
    • Recycling rate of municipal solid waste

    Economy

    Economic conditions

    • GDP and economic growth
    • Inflation
    • Purchasing power
    • Household debt
    • Public sector, private sector and household dept.

    Employment

    • Employment rate
    • Unemployment
    • Not in education, employment or training (NEET)
    • Job satisfaction

    Housing

    • Housing cost overburden
    • Quality of housing

    Incomes

    • At risk of poverty
    • Persistent poverty
    • Material and social deprivation
    • Equality (GINI Index)
    7 votes