By Joseph E. Stiglitz, Amartya Sen, Jean-Paul Fitoussi
Contributor note: ahead through Nicolas Sarkozy
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In February of 2008, amid the looming worldwide monetary situation, President Nicolas Sarkozy of France requested Nobel Prize–winning economists Joseph Stiglitz and Amartya Sen, besides the prestigious French economist Jean Paul Fitoussi, to set up a fee of best economists to review no matter if Gross household Product (GDP)—the most generally used degree of monetary activity—is a competent indicator of monetary and social development. The fee was once given the additional job of laying out an time table for constructing greater measures.
Mismeasuring Our Lives is the results of this significant highbrow attempt, one with urgent relevance for someone engaged in assessing how and no matter if our financial system is serving the wishes of our society. The authors provide a sweeping review of the bounds of GDP as a size of the healthiness of societies—considering, for instance, how GDP overlooks monetary inequality (with the outcome that the majority humans may be worse off even supposing normal source of revenue is increasing); and doesn't issue environmental affects into fiscal decisions.
In position of GDP, Mismeasuring Our Lives introduces a daring new array of strategies, from sustainable measures of monetary welfare, to measures of discounts and wealth, to a “green GDP.” At a time while policymakers all over the world are grappling with exceptional worldwide monetary and environmental concerns, this is an important advisor to measuring the issues that topic.
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Extra resources for Mismeasuring Our Lives: Why GDP Doesn't Add Up
Example text
At least in principle, these dimensions should be considered simultaneously: i. Material living standards (income, consumption and wealth); ii. Health; iii. Education; iv. Personal activities including work; v. Political voice and governance; vi. Social connections and relationships; vii. Environment (present and future conditions); viii. Insecurity, of an economic as well as a physical nature. All these dimensions shape people’s well-being, and yet many of them are missed by conventional income measures.
This is particularly the case when it comes to irreversible and/or discontinuous alterations to the environment. For that reason members of the Commission believe in particular that there is a need for a clear indicator of increases in atmospheric concentrations of greenhouse gases associated with proximity to dangerous levels of climate change (or levels of emissions that might reasonably be expected to lead to such concentrations in the future). Climate change (due to increases in atmospheric concentrations of greenhouse gases) is also special in that it constitutes a truly global issue that cannot be measured with regard to national boundaries.
The second focused on efforts to measure “quality of life,” the sense of well-being. And the third focused on sustainability. Global warming had brought the issue of environmental sustainability front and center; the global fi nancial and economic crisis had raised similar questions for economic sustainability. A cross-cutting focus, affecting the work of all the working groups, concerned distributional issues—how to capture appropriately the PREFA C E xxxi diverse situations confronting different individuals.
