The Organisation for Economic Co-operation and Development (OECD) has recently published an interesting publication titled ” Beyond GDP: Measuring what counts for economic and social performance“.
The publication recalls that GDP was never intended as an indicator for both economic and social welfare, as it is implicitly referred to in policy debates. The authors – members of the OECD Expert Group on the Measurement of Economic and Social Performance such as Joseph Stiglitz – promote the search for complementary metrics to paint the full picture of a country’s welfare. Such indicators are much needed to bring about policies of social wellbeing, understood as an interplay of social, economic, and environmental components. Analysing the recent economic recovery, the authors find that holistic measures would have assured for example quality employment and more training opportunities and therefore would have resulted in a stronger and faster upturn, even in terms of GDP growth.
To know more about measuring economic and social performance, read the new OECD publication.