Measurement: GDP vs Well-being
Why GDP does not capture real well-being, which dimensions matter most, and when subjective well-being diverges from material well-being.
Links containing ?t= open the video at a specific second.
Video summary
The ideas to retain
1. What GDP measures and what it leaves out
GDP sums the value of all goods and services produced in an economy over a period of time. As a metric of economic activity, it is precise and comparable across countries. The problem is…
What GDP leaves out
Unpaid work. Caring for older people, raising children, maintaining a household and community volunteer work are not included in GDP because they do not pass through the market. OECD and…
2. What well-being measures that GDP does not capture
The well-being frameworks developed by economists, psychologists and international organizations over recent decades converge on similar dimensions.
Next step
