Measuring Prosperity. Beyond The GDP.
The French Government is bringing in new thinking that tries to go beyond gross domestic product (GDP) to measure the state of the nation’s economy. Nobel laureate and economist Joseph Stiglitz has been tapped to head a new study that will measure the quality of life in France and compare it with other countries. Stiglitz believes that there is reason to go beyond mere meteralistic production, when measuring the state of a nation’s economy. “If you improve the quality of life, but it doesn’t show up in more material consumption, it doesn’t show up in GDP, and you’ll be criticized,” the economist said. French President Nicolas Sarkozy had announced in Paris that Stiglitz and a fellow Nobel economics laureate, Amartya Sen, will participate in the project. Read more. Also read Bhutan’s quest at reframing GDP, to GNH or Gross National Happiness.