Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period by a country or countries. GDP is most often used by the government of a single country to measure its economic health. Due to its complex and subjective nature, this measure is often revised before being considered a reliable indicator.
Quality of life (QOL) is defined by the World Health Organization as "an individual's perception of their position in life in the context of the culture and value systems in which they live and in relation to their goals, expectations, standards and concerns".
The Human Development Index (HDI) is a statistical composite index of life expectancy, education, and per capita income indicators, which is used to rank countries into four tiers of human development. A country scores a higher level of HDI when the lifespan is higher, the education level is higher, and the gross national income GNI (PPP) per capita is higher. It was developed by Pakistani economist Mahbub ul-Haq and was further used to measure a country's development by the United Nations Development Programme (UNDP)'s Human Development Report Office.
Genuine progress indicator (GPI) is a metric that has been suggested to replace, or supplement, gross domestic product (GDP). The GPI is designed to take fuller account of the well-being of a nation, only a part of which pertains to the size of the nation's economy, by incorporating environmental and social factors which are not measured by GDP. For instance, some models of GPI decrease in value when the poverty rate increases. The GPI separates the concept of societal progress from economic growth.
The Index of Sustainable Economic Welfare (ISEW) is an economic indicator intended to replace the gross domestic product (GDP), which is the main macroeconomic indicator of System of National Accounts (SNA). Rather than simply adding together all expenditures like the GDP, consumer spending is balanced by such factors as income distribution and cost associated with pollution and other unsustainable costs. The calculation excludes defence expenditures and considers a wider range of harmful effects of economic growth. It is similar to the genuine progress indicator (GPI).
Gross National Happiness, sometimes called Gross Domestic Happiness (GDH), is a philosophy that guides the government of Bhutan. It includes an index which is used to measure the collective happiness and well-being of a population. Gross National Happiness Index is instituted as the goal of the government of Bhutan in the Constitution of Bhutan, enacted on 18 July 2008.
The Human Poverty Index (HPI) was an indication of the poverty of community in a country, developed by the United Nations to complement the Human Development Index (HDI) and was first reported as part of the Human Development Report in 1997. It is developed by United Nations Development Program which also publishes indexes like HDI It was considered to better reflect the extent of deprivation in deprived countries compared to the HDI. In 2010, it was supplanted by the UN's Multidimensional Poverty Index.
The Happy Planet Index (HPI) is an index of human well-being and environmental impact that was introduced by the New Economics Foundation in 2006. Each country's HPI value is a function of its average subjective life satisfaction, life expectancy at birth, and ecological footprint per capita. The exact function is a little more complex, but conceptually it approximates multiplying life satisfaction and life expectancy and dividing that by the ecological footprint. The index is weighted to give progressively higher scores to nations with lower ecological footprints.
The National Human Development Reports (NHDR) take the Global Human Development Report approach to the national level and are prepared and owned by national teams. More than 540 national and sub-national HDRs have been produced so far by 135 countries, in addition to 31 regional reports.
The Gender Development Index (GDI) is an index designed to measure gender equality.
The where-to-be-born index was an index last published by the Economist Intelligence Unit (EIU) in 2013, which aimed to measure which country would provide the best opportunities for a healthy, safe and prosperous life in the years after its publication.
The Legatum Prosperity Index is an annual ranking developed by the Legatum Institute, an independent educational charity founded and part-funded by the private investment firm Legatum. The ranking is based on a variety of factors including wealth, economic growth, education, health, personal well-being, and quality of life.
Released by UNESCO, the Gender Parity Index (GPI) is a socioeconomic index usually designed to measure the relative access to education of males and females. It is used by international organizations, particularly in measuring the progress of developing countries. For example, some UNESCO documents consider gender parity in literacy.
The Oxford Poverty and Human Development Initiative (OPHI) is an economic research centre within the Oxford Department of International Development at the University of Oxford, England, that was established in 2007.
Wikiprogress is a defunct online platform for sharing information on the measurement of social, economic and environmental progress. It is thought to facilitate sharing on ideas, initiatives and knowledge on "measuring the progress of societies". Like Wikipedia, it was open to all members and communities for contribution – anyone interested in "progress" could register.
Although for many decades, it was customary to focus on GDP and other measures of national income, there has been growing interest in developing broad measures of economic well-being. National and international approaches include the Beyond GDP programme developed by the European Union, the Better Lives Compendium of Indicators developed by the OECD, as well as many alternative metrics of wellbeing or happiness. One of the earliest attempts to develop such an index at national level was Bhutan's Gross National Happiness Index and there are a now a number of similar projects ongoing around the world, including a project to develop for the UK an assessment of national well-being, commissioned by the Prime Minister David Cameron and led by the Office for National Statistics.
The Social Progress Index (SPI) measures the extent to which countries provide for the social and environmental needs of their citizens. Fifty-four indicators in the areas of basic human needs, foundations of well-being, and opportunity to progress show the relative performance of nations. The index is published by the nonprofit Social Progress Imperative, and is based on the writings of Amartya Sen, Douglass North, and Joseph Stiglitz. The SPI measures the well-being of a society by observing social and environmental outcomes directly rather than the economic factors. The social and environmental factors include wellness, equality, inclusion, sustainability and personal freedom and safety.
International comparisons, or national evaluation indicators, focuses on the quantitative, qualitative, and evaluative analysis of one country in relation to others. Often, the objective is to compare one country's performance to others in order to assess what countries have achieved, what needs to change in order for them to perform better, or a country's progress in reaching certain objectives.
The World Happiness Report is a report by the United Nations that measures national happiness. Data is primarily from the Gallup World Poll and based on respondent ratings of their own lives.
Med Jones is an American economist. He is the president of International Institute of Management, a U.S. based research organization. His work at the institute focuses on economic, investment, and business strategies.
