Emanuele Felice
The Misty Grail: The Search for a Comprehensive Measure of Development and the Reasons for GDP Primacy
abstract recent decades seen flurry new indicators measure economic progress none succeeded replacing gdp article seeks explain outcome contribute debate composite indicators versus dashboard approach end reviews popular alternatives gdp human development index genuine progress indicator happy planet index environmentally corrected gdp focusing conceptual foundations rather statistical consistency literature shown measures theoretically inconsistent exception environmentally corrected gdp since failed replace gdp inconsistency must one reason behind limited use alternative measures author argues main reason gdps primacy gdp better suited reflect goals capitalist market economies implies constructing composite indicators alternatives gdp pointless long current preference system changed include environmental social goals author also suggests purpose dashboard approach provides different social groups intelligible quantitative instruments may preferable use composite indicators