The Measure of Progress: Counting What Really Matters

By Diane Coyle
Economic Change

Coyle argues that the way we measure economic progress (mainly though GDP) is outdated and misses what really matters in people’s lives. She explains the GDP was designed for a 1940s economy and does not reflect today’s digital world, environmental costs, unpaid work or changes in well-being. Coyle calls for a new approach to economic statistics that better captures things like health, knowledge, natural resources and time use. He goal is not just to tweak the numbers, but to rethink what we value and how we track it, so governments can make smarter, more fair decisions. She suggests measuring comprehensive wealth and capabilities rather than just output to get a clearer picture of whether society is truly progressing.

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