K. A. Hamid and A. Duraiappah — The GDP-Wellbeing Gap

The link between economic growth and human wellbeing seems obvious. Indeed, as measured by gross domestic product, economic growth is widely viewed as the ultimate development objective. But it is time to rethink this approach. 

In fact, there is a rising disconnect between countries’ per capita GDP and their citizens’ wellbeing, as rapid output growth exacerbates health challenges and erodes environmental conditions. Given this, people increasingly value non-material wealth just as highly as monetary wealth, if not more.

But persuading policymakers and politicians of GDP’s limitations is no easy feat. After all, it is far simpler to defend a well-understood, long-accepted framework than it is to champion a new worldview.

Again, quantity versus quality.

Project Syndicate
The GDP-Wellbeing Gap
Zakri Abdul Hamid, a member of the UN Secretary-General’s Scientific Advisory Board, Science Adviser to the Prime Minister of Malaysia, and co-chair of MIGHT, and Anantha Duraiappah, Executive Director of the International Human Dimensions Program on Global Environmental Change, hosted by UN University in Bonn