Alternative Indicators for Wealth

Abstract

It is now widely recognised that the objectives that have dominated economic policy for the last 40 years and more – maximising Gross Domestic Product (GDP) and market efficiency – are no longer adequate goals for society. There is now a broad coalition that recognises that economic growth alone cannot deliver sustainability, social justice and improved well-being. Institutions such as Eurostat, the OECD, the World Bank, National Statistical Offices (NSOs) and others are responding to the desire from governments and civil society to consider a more nuanced set of economic policy objectives. At the same time non-governmental actors are using alternative ‘Beyond GDP’ indicators as an advocacy tool to promote more radical societal change including greater equality, higher levels of well-being for all and a vision of progress that is consistent with long-term environmental sustainability.