Back to All Events

Bob Costanza: Measuring Our Real Economic Wellbeing - The Genuine Progress Indicator

  • BRADLEY FORUM, BOB HAWKE PRIME MINISTERIAL CENTRE, UNI SA 55 North Terrace Adelaide Australia (map)

Measuring Our Real Economic Wellbeing - The Genuine Progress Indicator

PROF. ROBERT COSTANZA

Presented by The Bob Hawke Prime Ministerial Centre, University of SA and Wakefield Futures Group

yellow-octopus-australian-lifestyle.jpg

The Genuine Progress Indicator (GPI) is a significantly more comprehensive approach to assessing economic progress than conventional measures like Gross Domestic Product (GDP). GDP GDP measures mainly market transactions, conflates costs and benefits, and ignores social costs, environmental impacts and income inequality GPI includes 26 components that adjust for income distribution effects, the value of household and volunteer work, costs of mobility and pollution, and the depletion of social and natural capital. GPI has been estimated for over 20 countries around the world and a few US States and Canadian provinces. The US states of Maryland and Vermont routinely estimate GPI and use it for policy purposes. Globally, while GDP has increased more than three-fold since 1950, economic welfare, as estimated by the GPI, has actually decreased since 1978. Survey-based Life Satisfaction (LS) in almost all countries has also not improved much since 1975. While GPI is well placed to serve as an improved Australian and global measure of national progress, further work is needed to improve it and support its integration into political decision-making.

This event, presented by Prof Rob Costanza, is part of a series exploring sustainable futures.

Presented by The Bob Hawke Prime Ministerial Centre, University of SA and Wakefield Futures Group

READ MORE AND REGISTER