Well, the International Commission on the Measurement of Economic Performance and Social Progress, a panel of smart economists chaired by Joseph Stiglitz
has just issued issued a report on improving the ways we might better conceptualize and provide improved quantitative indicators of economic well-being. Stiglitz
wrote this short Op-Ed
in The Financial Times
a few days ago in which he gives a snapshot of the enterprise. You can find a link to the complete report (nearly 300 pages long) at the Commission web site here
The important premise of he report can be summed up in this comment from Stiglitz
: "What we measure affects what we do." Statistics do not just capture or represent an independently existing reality, they get incorporated via politics, policy and economic activity into - that is, they become constitutive of - our practices and institutions.
__________P.S.: You can find a variation on Stiglitz's Op-Ed here at Project Syndicate.
Labels: political economy, Stiglitz