📚 node [[alternatives to gdp for measuring wellbeing]]

Alternatives to GDP for measuring wellbeing

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Taken from the Economic Society of Australia (ESA) webinar Economic well-being: Is GDP the right measure? held as part of Social Sciences Week.

Note: There is a national account for digital production.

  • Satellite National accounts are useful for this.
  • Should things we don't usually account for (barter, volunteering, breast-feeding etc) be accounted?
  • An index of a suite of different indicators (need judgement over weighting indicators).
  • Some indicators you could use:
    • Education/Life Expectancy/Income (equally weighted)
      • Versions around development and gender
    • OECD's Better Life Index
      • 11 indicators equally weighted
      • website lets you weight things differently
    • New Economics Foundation's Happy Planet Index:
      • HPI = (Life satisfaction x Life expectancy x inequality of outcome) / ecological footprint
    • ABS Measure of Australia's progress, 2013 - 26 indicators
      • Discontinued
      • Too confusing to promote public discussion
    • NZ includes indicators arround the Maori language, Mauri wellbeing, and indicators based on Maori worldview.
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