Picture this: Looking Beyond GDP
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Bibliographic details
- Authors: ANDREW STANLEY
- Published: March 4, 2024
Context and purpose
- MORE THAN 50 YEARS AGO US senator Robert F. Kennedy famously critiqued GDP, saying that it “measures everything...except that which makes life worthwhile.”
- Since then, there have been significant efforts to look beyond GDP in search of more comprehensive ways of measuring well-being to help improve people’s lives.
- The World Happiness Report leads the quest for more holistic measures of well-being and offers a comprehensive look at self-reported life satisfaction scores across countries.
Evolution and influence of the World Happiness Report
- In the decade since its inception, the World Happiness Report has evolved from a novel concept to an influential factor in advancing the inclusion of well-being metrics in policymaking.
- When juxtaposed with GDP per capita, the report shows that GDP per capita is a significant predictor of happiness but is not the only factor explaining cross-country differences in happiness.
Key explanatory variables identified
- Social support
- Life expectancy
- Freedom
- Generosity
- Absence of corruption
Policy implications and recommendations
- The report urges a reevaluation of success, advocating policies that:
- Foster economic growth while enhancing the quality of life.
- Integrate happiness as a key objective so that governments can adopt a more holistic approach to policymaking.
- Ensure progress is measured not solely by material wealth but by the well-being of their citizens.
Examples of policy action
- In 2019 New Zealand introduced the Wellbeing Budget, targeting critical societal areas such as mental health and child welfare.
F&D Magazine — Looking Beyond GDP, ANDREW STANLEY, March 2024
Content in this bundle
- Picture This – Looking Beyond GDP