28 May '11, 2am

GDP not the sole measure of HAPPINESS, say local economists

GDP not the sole measure of HAPPINESS, say local economists

'It is one thing to see GDP figures looking rosy and another thing if you feel otherwise.' Associate Professor Paulin Straughan, from the Faculty of Arts and Social Sciences at NUS TRADITIONAL measures of economic success like gross domestic product (GDP) figures are becoming insufficient to gauge the general well-being of Singaporeans, say local economists. They feel the high level of development and income means focusing on quality of life is more appropriate. The push for a different way of assessing a nation's success has come from economists like Nobel Prize winner Joseph Stiglitz, who argue that GDP is just one part of a complex overall picture. This view gained more credence recently when the Organisation for Economic Cooperation and Development unveiled the Your Better Life Index, also known as a 'happiness index'. Its aim is to let people measure and compare their...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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