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Beyond GDP

Author

Listed:
  • Joseph Stiglitz

    (Columbia University [New York])

  • Jean-Paul Fitoussi

    (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique)

  • Martine Durand

    (OCDE - Organisation de Coopération et de Développement Economiques = Organisation for Economic Co-operation and Development)

Abstract

Metrics matter for policy and policy matters for well-being. In this report, the co-chairs of the OECD-hosted High Level Expert Group on the Measurement of Economic Performance and Social Progress, Joseph E. Stiglitz, Jean-Paul Fitoussi and Martine Durand, show how over-reliance on GDP as the yardstick of economic performance misled policy makers who did not see the 2008 crisis coming. When the crisis did hit, concentrating on the wrong indicators meant that governments made inadequate policy choices, with severe and long-lasting consequences for many people. While GDP is the most well-known, and most powerful economic indicator, it can't tell us everything we need to know about the health of countries and societies. In fact, it can't even tell us everything we need to know about economic performance. We need to develop dashboards of indicators that reveal who is benefitting from growth, whether that growth is environmentally sustainable, how people feel about their lives, what factors contribute to an individual's or a country's success. This book looks at progress made over the past 10 years in collecting well-being data, and in using them to inform policies. An accompanying volume, For Good Measure: Advancing Research on Well-being Metrics Beyond GDP, presents the latest findings from leading economists and statisticians on selected issues within the broader agenda on defining and measuring well-being.

Suggested Citation

  • Joseph Stiglitz & Jean-Paul Fitoussi & Martine Durand, 2018. "Beyond GDP," Working Papers hal-03393119, HAL.
  • Handle: RePEc:hal:wpaper:hal-03393119
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03393119
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    References listed on IDEAS

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    1. Frances Woolley, 2004. "Why Pay Child Benefits to Mothers?," Canadian Public Policy, University of Toronto Press, vol. 30(1), pages 47-69, March.
    2. Zucman, Gabriel & Fagan, Teresa Lavender & Piketty, Thomas, 2015. "The Hidden Wealth of Nations," University of Chicago Press Economics Books, University of Chicago Press, number 9780226245423, Febrero.
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    Cited by:

    1. Mazzarano, Matteo, 2022. "Material governance and circularity policies: How waste policies and innovation affect household appliances' accumulation," Ecological Economics, Elsevier, vol. 200(C).

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