Decision making beyond GDP: needs and a vision

Background

Pier Carlo Padoan

Pier Carlo Padoan, Deputy Secretary General of the OECD. From 2001 to 2005, Mr. Padoan was the Italian Executive Director at the International Monetary Fund, with responsibility for Greece, Portugal, San Marino, Albania and Timor Leste. He served as a member of the Board and chaired a number of Board Committees. During his mandate at the IMF he was also in charge of European Co-ordination.

From 1998 to 2001, Mr. Padoan served as Economic Adviser to the Italian Prime Ministers, Massimo D’Alema and Giuliano Amato, in charge of international economic policies. He was responsible for co-ordinating the Italian position in the Agenda 2000 negotiations for the EU budget, Lisbon Agenda, European Council, bilateral meetings, and G8 Summits.

He has been a consultant to the World Bank, European Commission, European Central Bank. Mr. Padoan has a degree in Economics from the University of Rome and has held various academic positions in Italian and foreign universities. He has published widely in international academic journals and is the author and editor of several books.

The Beyond GDP conference

The Beyond GDP conference, organised by the European Commission, European Parliament, Club of Rome, OECD, and WWF, brought together over 650 delegates from more than 50 countries to explore how to improve the measurement of progress, true wealth and the well-being of nations. It fully supported the momentum to go beyond GDP.

The Beyond GDP conference revealed a high degree of consensus on the need for change. The participants from industry, trade unions, NGOs, academia and government questioned not whether action is needed but on 'how' we complement or improve on GDP, and develop new indicators for the 21st Century. I am pleased that the conference led to concrete commitments for further action from all the partners involved.

Words and Expressions

encompass embrace; If something encompasses particular things, it includes them. e.g. His repertoire encompassed everything from Bach to Schoenberg.

per capita The per capita amount of something is the total amount of it in a country or area divided by the number of people in that country or area. e.g.They have the world's largest per capita income.

ingredient Ingredients are the things that are used to make something, especially all the different foods you use when you are cooking a particular dish. e.g. Mix in the remaining ingredients.

preparatory Preliminary;Preparatory actions are done before doing something else as a form of preparation or as an introduction. e.g. At least a year's preparatory work will be necessary before building can start.

tackle If you tackle a difficult problem or task, you deal with it in a very determined or efficient way. e.g. The first reason to tackle these problems is to save children's lives.

consensus A consensus is general agreement among a group of people. e.g. The consensus amongst the world's scientists is that the world is likely to warm up over the next few decades.

scepticism Scepticism is great doubt about whether something is true or useful. e.g. There was considerable scepticism about the Chancellor's forecast of a booming economy.

undermine If you undermine something such as a feeling or a system, you make it less strong or less secure than it was before, often by a gradual process or by repeated efforts. e.g. Offering advice on each and every problem will undermine her feeling of being adult.

reiterate Repeat; If you reiterate something, you say it again, usually in order to emphasize it. e.g. He reiterated his opposition to the creation of a central bank.

advocate recommend; If you advocate a particular action or plan, you recommend it publicly. e.g. Mr Williams is a conservative who advocates fewer government controls on business.

assist help; If you assist someone, you help them to do a job or task by doing part of the work for them. e.g. Dr Amid was assisted by a young Asian nurse.

cohesion If there is cohesion within a society, organization, or group, the different members fit together well and form a united whole. e.g. By 1990, it was clear that the cohesion of the armed forces was rapidly breaking down.

underpin If one thing underpins another, it helps the other thing to continue or succeed by supporting and strengthening it. e.g. All this was underpinned by Michael's work on the UK Declaration of Human Rights for people with Aids and HIV.

biennial A biennial event happens or is done once every two years. e.g. they will attend the biennial Commonwealth conference next week.

assess evaluate; When you assess a person, thing, or situation, you consider them in order to make a judgment about them. e.g. Our correspondent has been assessing the impact of the sanctions.

impartial Someone who is impartial is not directly involved in a particular situation, and is therefore able to give a fair opinion or decision about it. e.g. Careers officers offer impartial advice to all pupils.

ambitious Someone who is ambitious has a strong desire to be successful, rich, or powerful. e.g. Chris is so ambitious, so determined to do it all.