GDP and Quality of Life Measuring What We Care About The Center for the Advancement of the Steady State Economy

History of economic growth and GDP Critical view of GDP Alternative measures to supplement GDP Recent initiatives Barriers to change Path forward Outline

What Is Economic Growth?

What Exactly Is GDP? GDP = C + I + G + (X-M)

History of Growth in GDP World GDP (1990 millions of dollars) Source: Angus Maddison

History of Growth in GDP Average World GDP per Capita (1990 dollars) Source: Angus Maddison

Policy on GDP Growth

History of economic growth and GDP Critical view of GDP Alternative measures to supplement GDP Recent initiatives Barriers to change Path forward Outline

Critique of GDP

GDP and Happiness Happiness Index Income per Person ($) Source: Inglehart and Klingemann(2000)

History of economic growth and GDP Critical view of GDP Alternative measures to supplement GDP Recent initiatives Barriers to change Path forward Outline

What is Quality of Life? Ingredients: Subsistence, Reproduction, Security, Affection, Leisure, Understanding, Participation, Spirituality, Creativity, Identity, Freedom Human Needs Soup Opportunity Natural Capital Social Capital Human Capital Built Capital Perception

U.N. Human Development Index

Ecological Footprint Source: Global Footprint Network

Genuine Progress Indicator $10,000 $20,000 $30,000 $40, GDP per Capita GPI per Capita U.S. GPI per Capita Source: Redefining Progress

Calvert-Henderson Indicators Education Employment Energy Environment Health Human Rights Income Infrastructure National Security Public Safety Recreation Shelter

Happy Planet Index *

History of economic growth and GDP Critical view of GDP Alternative measures to supplement GDP Recent initiatives Barriers to change Path forward Outline

Integrated Environmental and Economic Satellite Account + = X X X

OECD World Forum

EU Conference: Beyond GDP

Bhutan’s GNH

Stiglitz Commission

History of economic growth and GDP Critical view of GDP Alternative measures to supplement GDP Recent initiatives Barriers to change Path forward Outline

Inertia

Paradigm of Growth

Powerful Interests

History of economic growth and GDP Critical view of GDP Alternative measures to supplement GDP Recent initiatives Barriers to change Path forward Outline

Overcoming Inertia

Changing the Paradigm

Aligning the Efforts Maybe changing GDP isn’t that hard.

Let’s Get on with It!

Take a Position! The Center for the Advancement of the Steady State Economy