Developing indicators of aggregate inclusive growth Part 1: is wellbeing the new GDP?

There has been widespread discussion over the weaknesses of ‘traditional’ metrics such as GDP to track economic performance. In the long-run, whilst GDP can be correlated with better ‘outcomes’ – including living standards – it does not capture how any improvements are shared across society. Moreover, whilst a growing economy can help deliver technological benefits and better public services, GDP doesn’t tell us whether or not such growth is environmentally sustainable.