24 Jan '12, 9pm

The economics of well-being @TodayOnline GDP vs metrics of happiness See also OECD Index

Money isn't everything. But for measuring national success, it has long been pretty much the only thing. The specific metric that has prevailed since World War II is the dollar value of a country's economic output, expressed first as gross national product, later as gross domestic product. The era of GNP and GDP has been characterised by a huge global rise in living standards and in wealth. At the moment, though, GDP is embattled. Economists and national leaders are increasingly talking about measuring a country's status with other metrics and even with a squishy-seeming concept like "happiness". A 2009 study on alternatives to GDP, commissioned the year before by French President Nicolas Sarkozy and led by the economists Amartya Sen, Joseph Stiglitz and Jean-Paul Fitoussi, has become a global wonk sensation. Although the replacing-GDP discussion may seem a little airy, it...

Full article: http://www.todayonline.com/Commentary/EDC120125-0000002/T...

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