What is the best way to measure a nation’s economic progress? For many decades, most of us have tended to focus on one benchmark: gross domestic product (GDP), which measures national income. There’s no question that income growth is central to economic development. But it has become just as clear that GDP per capita alone is not a sufficient measure of progress.
Indeed, GDP is even more a priority for emerging economies, given the focus that economists and policy makers put on growth. Developed economies have the luxury of relative wealth already, so the debate on questions of inequality and well-being is more active. That isn’t always the case for emerging markets.
Hello 2013: EM’s need a new yardstick for well-being rather than growth | beyondbrics
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