Do traditional measures of economic performance really satisfy the needs of citizens for a better society?

Abstract

Purpose

The purpose of this paper is to present a reasoned critique of traditional measurements of wellbeing in society and offer alternative measurements for the increasingly more global economy of today.

Design/methodology/approach

Theories of growth and measurement are analyzed.

Findings

Traditional growth measures leave out many important factors which are increasingly more important to citizens including health, education and whether improvements in wellbeing can continue in the longer term.

Originality/value

Limitations of the concept of growth with regards to the desires of citizens are highlighted in this paper.

Citation

Floyd, D. (2011), "Do traditional measures of economic performance really satisfy the needs of citizens for a better society?", International Journal of Social Economics, Vol. 38 No. 3, pp. 218-223. https://doi.org/10.1108/03068291111105165