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GDP+: Need Universally Accepted Framework for Measuring Wellbeing

In: Wellbeing, Values and Lifestyles

Author

Listed:
  • Ashish Kumar

    (Pahle India Foundation)

  • Arpit Barman

    (Research and Information System for Developing Countries (RIS))

Abstract

National governments and other relevant stakeholders have realised that GDP, a single indicator, does not measure the overall wellbeing of the people and that the wellbeing must be measured through a defined set of multiple indicators. SDG target 17.19 also advocates for developing measures of progress on sustainable development that compliments GDP. Several formulations and procedures have been advocated by various agencies at global level and at the regional levels though being deficient on many aspects of wellbeing and sustainability. The chapter analyses and compares various multidimensional measures of wellbeing and has recommended for development of a universally accepted framework. G20 being an influential group in shaping global policies should steer the process of development of a framework by setting up a high-level group to represent realities of developing and developed countries to ensure its broad acceptability and adoptability. By moving beyond GDP, this chapter suggests that a more accurate and holistic understanding of wellbeing can be achieved by better capturing the socio-economic resilience of societies.

Suggested Citation

  • Ashish Kumar & Arpit Barman, 2025. "GDP+: Need Universally Accepted Framework for Measuring Wellbeing," Springer Books, in: Sachin Chaturvedi & K. Seeta Prabhu & Sabyasachi Saha (ed.), Wellbeing, Values and Lifestyles, chapter 0, pages 269-283, Springer.
    • Handle: RePEc:spr:sprchp:978-981-97-4730-6_22
    DOI: 10.1007/978-981-97-4730-6_22
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