The Economist‘s recent leader in favor of a revised metric of economic well-being is rather refreshing, surprising. Among the steps that it recommends be taken to improve on the slavish following of GDP, the piece leads with improving the measurement of what is already measured. But then the editorial pushes into measuring quantities that have never been systematically considered before: income inequality, negative externalities (like pollution), depletion of natural capital, and perhaps most importantly, the role of unpaid services like homemaking and caregiving. There are still other aspects of welfare that should be accounted for (e.g, crime rates, time lost to long commutes), but if we were to formulate a new metric along the lines suggested, it would be a big step in the right direction,
- Doing the happy WATCH judge dance!
- Just finished reading scripts for TNT POPS! New Play Project.