In 2023, as the world faces unprecedented climate breakdown and economic recession, the scramble for alternatives to GDP will begin in earnest.
Talk of replacing GDP as a performance indicator is not new. This economic measure, which is defined as the total market value of goods and services produced within a country, was developed in 1934 by economist Simon Kuznets as a wartime metric designed to help governments figure out how to pay for tanks and fighter jets. It was never intended to be a measure for societal welfare.
China is not alone. A paper by the German Economic Ministry last year openly considered adding new indicators of welfare, including equality across local regions, as well as sustainability, employment, participation and social security. New Zealand’s Living Standards Framework, developed by the Treasury, includes a dashboard which measures a range of well-being indicators and is embedded as the organizing principle of its national budget.
The United Nations Environment Program’s Inclusive Wealth Index has indicators that sum up the social value of economic, human, produced, and natural assets to assess whether countries are developing sustainably. Nearly 140 countries fall short of reaching an acceptable standard.
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