How to measure a good life – tips for moving beyond GDP
Richard Heys, Himanshi Bhardwaj and Cliodhna Taylor write: For decades, economists have known that using gross domestic product (GDP) alone to guide policy is problematic. The metric is mainly a measure of market production, albeit one with strong marketing and branding, and misses key elements of what makes a good life. Nevertheless, failure to agree on alternatives has held back the debate over what should replace it. This year will be pivotal for changing how policymakers use data to guide…