GDP is Dead: The Shocking New Way to Measure a Country's True Progress is Coming

Another approach is the Sustainable Development Goals (SDGs), which were adopted by the United Nations in 2015. The SDGs provide a framework for measuring progress towards a set of goals that prioritize human well-being, social justice, and environmental sustainability. The SDGs include metrics such as poverty rates, access to education and healthcare, and greenhouse gas emissions.

In recent years, there has been a growing momentum towards the adoption of nature-positive measures of progress. The concept of nature-positive economics recognizes the importance of preserving natural capital and promoting sustainable development. This approach emphasizes the need to incorporate the value of natural resources and ecosystem services into economic decision-making.

The shift towards new measures of progress is gaining momentum, with several countries and organizations already adopting alternative metrics. For example, the New Zealand government has introduced a ‘Wellbeing Budget’ that prioritizes the well-being of citizens and the environment. Similarly, the International Monetary Fund (IMF) has launched a ‘Sustainable Development Goals (SDGs) Indicator Framework’ to track progress towards the SDGs.

The adoption of new measures of progress has significant implications for economic policy. By recognizing the value of unpaid work, leisure time, and environmental sustainability, policymakers can develop more effective strategies to promote human well-being and sustainable development. For instance, policies aimed at promoting sustainable agriculture can help to preserve biodiversity and reduce greenhouse gas emissions.