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Measuring Progress

Author

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  • O'Connor, Kelsey J.

    (STATEC Research – National Institute of Statistics and Economic Studies)

Abstract

Societal progress is characterized primarily as an improvement in the distribution of well-being; however, a small set of additional variables are also necessary. Social indicators based on objective measures are inherently limited by the subjective assessments necessary of "experts" to select and combine measures into indicators. Subjective well-being overcomes this limitation but is insufficient to guide all policy decisions and address certain issues, especially those relating to future concerns. Subjective well-being is the single most important, but necessarily not the only, indicator of progress. This entry also briefly discusses: recent history of well-being measurement; what makes people better off in theory; the difference between subjective and 'objective' measures of well-being; their limitations; what we need to improve measures of progress, and examples of government implementation of well-being indicators.

Suggested Citation

  • O'Connor, Kelsey J., 2022. "Measuring Progress," IZA Policy Papers 194, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izapps:pp194
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    File URL: https://docs.iza.org/pp194.pdf
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    References listed on IDEAS

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    More about this item

    Keywords

    well-being; wellbeing; societal progress; quality of life; GDP; subjective well-being; social indicators; beyond GDP; SDGs; life satisfaction;
    All these keywords.

    JEL classification:

    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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