Rated
Oct 28
•
1 review
•
economics
• nytimes.com
Emphasis on Growth Is Called Misguided
Instead of centering assessments on the goods and services an economy produces, policy makers would do better to focus on the material well-being of typical people by measuring income and consumption, along with the availability of health care and education, the report concludes.
Many of these prescriptions will no doubt resonate with policy makers and ordinary people.
Indeed, the difficulty comes in turning these general principles into new means of measurement. The report notes that its authors concur on the big picture, but diverge on the methodologies to be employed when it comes to factoring in the value of a better education and cleaner skies.
The old mode of measurement has taken a beating, and yet the new one, it seems, is still a work in progress.
The report is more critique than prescription. It elucidates in general terms why leaning exclusively on growth as an economic philosophy may yield unhappiness, and it suggests that the incomes of typical people should be weighed more heavily than the gross production of whole societies.