Thanks for the overview, Kay. An interesting read that I wish I’d discovered sooner.
The deeply embedded referencing of GDP will be an ambitious exercise to supplant with any alternate measure. I expect that GDP, GPI, and potentially other measurements — maybe Inclusive Wealth Index (IWI) — are measured and reported publicly as a dashboard for how successfully we are progressing as a nation; particularly as the snapshot GDP aggregate fails to capture important sub-trends, such as underemployment rises whilst unemployment shrinks, increased overworking, and growing stresses to our natural capital stocks.
A multi-measure overlay would provide the necessary standardised comparisons — across time and other nations — and hopefully lead to a rigorous source for debate about priorities for future policy and investment.
It’s a shame the funding for GPI isn’t being supported… I wasn’t aware of this. I do hope it’s being resurrected by the time I write this. I am a little concerned that nearing election time that this does not seem to be in scope of broad discussions and that two parties are referring to developing new measures (costly!) for social, environmental, and economic development rather than committing to an established GPI framework (http://policy.thespinoff.co.nz/topic/Economy#Government%20Finance).
Keep up the good work.