Traditional ways of measuring economic growth and performance are good for measuring output and spending, but do not really help governments measure effects on the environment or on our well-being. The search for metrics that go beyond growth, income and GDP was stepped up after the 2008 financial crisis and in the face of challenges such as climate change and poverty, and the OECD Better Life Initiative forms part of that effort. Nobel Prize-winning economist Joseph Stiglitz, who was chief economist at the World Bank, talked to us in 2011 about the new means of measuring progress, well-being, and social and environmental sustainability, and the need for policies that address what people care about in their lives.
For more info visit: https://www.oecd.org/betterlifeinitiative
Read Joseph Stiglitz’s 2009 OECD Observer article, “Progress, what progress?”, available on OECD i-Library. https://www.oecd-ilibrary.org/economics/oecd-observer/volume-2009/issue-1_observer-v2009-1-en
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