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Happiness isn't enough to replace GDP

Subjective well-being is not a reliable indicator of true, objective well-being

Published Fri, Dec 26, 2014 · 09:50 PM
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THE idea that data on happiness and well-being can be used to guide government policy has steadily gained popularity over the past decade. But as we seek ways to replace, or at least complement, GDP as a measure of national success, we risk falling into old traps.

One measure that is gaining popularity all over the world is particularly problematic. It has long been accepted that GDP is a woefully inadequate measure of national well-being. As Bobby Kennedy put it as far back as 1968, this type of macro-economic indicator "measures everything, in short, except that which makes life worthwhile".

Since then, the Beyond GDP movement has gained momentum. Canada, for example, has introduced an Index of Wellbeing, and the OECD has organised the Better Life initiative. In the UK, the Office for National Statistics is leading the Measuring National Well-Being programme, and has developed a well-being framework that includes multiple dimensions of life, including health, relationships, work, the natural environment, and political participation.

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