Happiness as … Economic Indicators

France plans to incorporate the happiness and prosperity in the measurement of its economic progress, said President Nicolas Sarkozy, quoted by AFP. And he urged other countries to join the „revolution“ in how to monitor growth after the global economic crisis.

France will adjust their statistical tools as recommended by two Nobel laureates, who 18 months ago Sarkozy instructed to explore new ways to measure social progress. Both specialists are Joseph Stiglitz, a Nobel prize for economics in 2001, Anand and Amartya Sen, who was awarded the same prize in 1998 for his work related to developing countries. France, whose growth is lagging behind in recent decades, according to standard indicators will also try to persuade other governments to change their economic measurement, Sarkozy said in a speech to mark the first anniversary of the bankruptcy of Lehman Brothers (Lehman Brothers).

The pursuit of economic growth that is reflected in the indicator, gross domestic product (GDP) can only „aggravate“ the situation of the population. This Joseph Stiglitz said today in Sorbonskiya University in presenting this report. Stiglitz stressed that „the pursuit of GDP growth is a road movement in which the world economy can not sustain. The economist added that if the statistics are biased and do not correspond to the actual state of affairs arises „danger“.

„If you use incorrect methods to calculate, you start fighting to achieve a high level of wrong index“, said Stiglitz.

Among the new methods that the committee headed by Stiglitz suggests, are „welfare“ of the population and the indicator of the environment. However, he was obliged to recognize that the report is a „just the first step towards the introduction of new statistical methods and indicators.

„We are still far from the goal,“ Stiglitz added.

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Finance

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