GDP Is the Wrong Tool for Measuring What Matters

Joseph E. Stiglitz

 

  • Gross domestic product (GDP) is almost universally used to gauge how well a society is doing. In fact, it is a measure of market activity—no more.
  • The Great Recession of 2008–2009 highlighted the need for better ways to measure the well-being of an economy and society, as well as its sustainability—whether or not good times can last.
  • Over the past decade leading scholars have devised a broad set of measures to help steer societies toward the futures their citizens desire. Several countries are embedding these “dashboard” indicators into their decision-making processes.

Source: www.scientificamerican.com