A new way of measuring people’s wellbeing is needed to ensure focus is not solely on gross domestic product (GDP) to measure success, according to a Government think-tank.
The National Economic and Social Council in a new report questions the model of development used in the past which led to unprecedented economic growth but left deep social deficits in its wake.
Instead, it says a more sophisticated tool is needed to take account of the value of education, health and natural environment and help to prevent another economic crisis. It points to a way which considers the wellbeing of individuals and society by tracking six aspects of their lives: economic resources, work and education, relationships and care, community and environment, health and societal values.
Council director Rory O’Donnell said: “Economic and social progress are complementary, so that social wellbeing is a central element in our economic recovery.”
