- Beyond GDP: Exploring Alternative Indicators 17:24
Continuing our discussion about redefining economic success and the need for a shift in capitalism, here are some of the key takeaways:
Redefining Economic Success: We explored alternative ways of measuring economic success, Moving beyond GDP. We discussed the Better Life Index, the Happy Planet Index, and the Gross National Happiness Index in Bhutan. Felber emphasized the importance of citizen involvement in creating a common good product to replace GDP.
Transitioning Wealthier Countries: How can wealthier countries adopt these alternative indicators? Felber suggests evaluating new projects and legislation based on their contribution to people’s happiness, health, ecosystem stability, and more.
Changing Mindsets: We delved into the issue of wealth accumulation and the need to change the minds of wealthy individuals. Felber suggests educating future economists and decision-makers to challenge the assumption of greed in economic models and promote values of sustainability, solidarity, and sufficiency.
A New Approach to Business: Felber proposes a shift in capitalism, giving individuals the choice to not conform to the traditional capitalist mindset. He suggests that businesses should strive to become more humane, measuring performance based on the happiness of employees and clients, the impact on nature and climate change, societal cohesion, and equitable distribution.
You can find Charlene Norman here and chat about all things the 5Cs.