I disagree that we should try to replace GDP with one metric. The world is too complicated for that. What we should do instead is look at multiple metrics and have targets for each of those metrics. Doughnut economics is a pretty decent framework for that. It uses consumption limits in form of cliamte change, chemical pollution, biodiversity, land use, water consumption and so forth on one hand and on the other site targets like food security, life expectancy, equality(GINI, but also race and gender), energy, water access and so forth. This is much better as it can be much more easily adapted to changing dangers and the situation. Water is for example much less of a problem for a country like Norway, then for say Iraq. So they would focus on different metrics.
I didn’t mean to imply that GDP should be replaced with another single metric, and I totally agree that doing so just perpetuates the cycle. Instead, my argument is that GDP should no longer be used as a metric of success, because its use has been bastardized. When “the economy” is doing better because more transactions are being made while class inequality is worsening and standards of living are dropping, then the measurement used is flawed.
I disagree that we should try to replace GDP with one metric. The world is too complicated for that. What we should do instead is look at multiple metrics and have targets for each of those metrics. Doughnut economics is a pretty decent framework for that. It uses consumption limits in form of cliamte change, chemical pollution, biodiversity, land use, water consumption and so forth on one hand and on the other site targets like food security, life expectancy, equality(GINI, but also race and gender), energy, water access and so forth. This is much better as it can be much more easily adapted to changing dangers and the situation. Water is for example much less of a problem for a country like Norway, then for say Iraq. So they would focus on different metrics.
I didn’t mean to imply that GDP should be replaced with another single metric, and I totally agree that doing so just perpetuates the cycle. Instead, my argument is that GDP should no longer be used as a metric of success, because its use has been bastardized. When “the economy” is doing better because more transactions are being made while class inequality is worsening and standards of living are dropping, then the measurement used is flawed.