List of Newer Approaches To The Measurement of (economic) Progress
- Human development index (HDI) – up until 2009 report HDI used GDP as a part of its calculation and then factors in indicators of life expectancy and education levels. In 2010 the GDP component has been replaced with GNI.
- Genuine progress indicator (GPI) or Index of Sustainable Economic Welfare (ISEW) – The GPI and the ISEW attempt to address many of the above criticisms by taking the same raw information supplied for GDP and then adjust for income distribution, add for the value of household and volunteer work, and subtract for crime and pollution.
- Gross national happiness (GNH) – GNH measures quality of life or social progress in more holistic and psychological terms than GDP.
- European Quality of Life Survey – The survey, first published in 2005, assessed quality of life across European countries through a series of questions on overall subjective life satisfaction, satisfaction with different aspects of life, and sets of questions used to calculate deficits of time, loving, being and having.
- Gross national happiness – The Centre for Bhutanese Studies in Bhutan is working on a complex set of subjective and objective indicators to measure 'national happiness' in various domains (living standards, health, education, eco-system diversity and resilience, cultural vitality and diversity, time use and balance, good governance, community vitality and psychological well-being). This set of indicators would be used to assess progress towards gross national happiness, which they have already identified as being the nation's priority, above GDP.
- Happy Planet Index – The happy planet index (HPI) is an index of human well-being and environmental impact, introduced by the New Economics Foundation (NEF) in 2006. It measures the environmental efficiency with which human well-being is achieved within a given country or group. Human well-being is defined in terms of subjective life satisfaction and life expectancy while environmental impact is defined by the Ecological Footprint.
- OECD Better Life Index - The better lives compendium of indicators produced in 2011 reflects some 10 years by the organisation to develop a wider of set of indicators more closely attuned to the measurement of wellbeing or welfare outcomes. There is felt to be considerable convergence (in 2011) in high income countries about the kinds of dimensions that should be included in such multi-dimensional approaches to welfare measurement - see for instance the capabilities measurement research project capabilities approach.
- Composite Wealth Indicators – Namely yearly material wealth (an amended version of GNI to include depletion of natural resources and the costs of pollution), biological wealth (measured through life expectancy) and thus expected material wealth (or physical wealth), a linear combination of biological and yearly material wealth (the amount of material wealth expected to be produced by an individual during his/her lifetime).
- Future Orientation Index - Tobias Preis et al. used Google Trends data to demonstrate that Internet users from countries with a higher per capita gross domestic product (GDP) are more likely to search for information about the future than information about the past. The findings, published in the journal Scientific Reports, suggest there may be a link between online behaviour and real-world economic indicators. The authors of the study examined Google search queries made by Internet users in 45 different countries in 2010 and calculated the ratio of the volume of searches for the coming year (‘2011’) to the volume of searches for the previous year (‘2009’), which they call the ‘future orientation index’. They compared the future orientation index to the per capita GDP of each country and found a strong tendency for countries in which Google users enquire more about the future to exhibit a higher GDP. The results hint that there may potentially be a relationship between the economic success of a country and the information-seeking behaviour of its citizens online.
- World Governance Index - Basing their work on the United Nations Millennium Declaration, which was the subject of unprecedented U.N. consensus among the heads of state and government who adopted it in 2000, a team of researchers of the Forum for a new World Governance (FnWG) focused its research on the five main concepts defining the application framework of world governance and constituting key goals to be reached by 2015: Peace and Security; Democracy and Rule of Law; Human Rights and Participation; Sustainable Development and Human Development
Read more about this topic: Gross Domestic Product
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