Here is another interesting article, Measuring Prosperity: Maryland’s Genuine Progress Indicator by Sean McGuire, Stephen Posner, and Hans Haake, from the same issue of Solutions Journal. This is about how Maryland has implemented a measure called the General Prosperity Index as a step away from the commonly used Gross Domestic Product (GDP) or Gross State Product measures of economic wellbeing. Of course, I should add that economists have long argued that GDP is not a very good mearsure of economic well being.
Looking beyond GDP to measure prosperity
April 17, 2012 at 1:57 pm