Alternative Measurement of Progress

GPI

GDP counts all activity as good, but we all know that if the increase came from car accidents and divorce lawyers, it wouldn’t be anything to celebrate. The Genuine Progress Indicator aims to correct GDP by adding up economic activity, and then subtracting negative spending.

What are the subtractions?

The costs of war, air pollution, and loss of farmland are among the subtractions, giving us a much better picture of the quality of our economic activity.

HDI

The Human Development Index was developed by the UN Development Programme and combines education, life expectancy and GDP per capita.

It is based on Amartya Sen’s ....

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Indian Economy