Iceland puts well-being ahead of GDP in budget

The BBC reports:

“Iceland’s prime minister has urged governments to adopt green and family-friendly priorities, instead of just focusing on economic growth figures.

Katrin Jakobsdottir has teamed up with Scottish First Minister Nicola Sturgeon and New Zealand’s PM Jacinda Ardern to promote a ‘well-being’ agenda.

Ms Jakobsdottir called for ‘an alternative future based on well-being and inclusive growth’.

She said new social indicators were needed besides traditional GDP data.

Nobel Prize-winning economist Joseph Stiglitz is among several economists arguing that gross domestic product – measuring a country’s production in goods and services – fails to capture the impact of climate change, inequality, digital services and other phenomena shaping modern societies.

In a Guardian article last month, Prof Stiglitz said the 2008 global financial crisis ‘was the ultimate illustration of the deficiencies in commonly used metrics’ …”

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