GDP Is a Bad Measure of Our Economy—Here’s a Better One

TIME

Are we in the midst of a great paradigm shift?

That was the question raised this morning at the Skoll World Forum by Michael Green, the Executive Director of the Social Progress Imperative and the force behind the Social Progress Index (SPI), a new trove of data which offer a holistic snapshot of the health of societies across the world. Using 52 social and environmental indicators across 160 countries, the SPI offers a rigorous, granular and more meaningful alternative to the gospel that is Gross Domestic Product (GDP); what has become the official, if flawed, measure of a nation’s standing in the global economy.

The United States, the world’s wealthiest country in GDP terms, ranks 16th in “social progress.” Compared to our economic peers, we underperform on a number of dimensions, particularly those related to health: life expectancy, premature deaths from diseases like diabetes and cardiovascular and respiratory…

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