It’s just dollars and cents.
An economist who has studied new ways to improve measures of gross domestic product explains what GDP is and how it could better reflect an economy and the well-being of its inhabitants.
A suite of new well-being measures are at the centre of New Zealand’s budget plan.
For New Zealand's first well-being budget, the government has moved away from traditional economic growth measures to focus on goals like cultural identity, social connection and happiness.
Alternatives to GDP are already in use, but are yet to gain widespread acceptance.
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“At present, we are stealing the future, selling it in the present, and calling it GDP.” — Paul Hawken Imagine if a corporation used Gross Domestic Product (GDP) accounting to do its books: it would be…