Rethinking Economic Success: Beyond GDP

Shownotes
4:25 Definition of Gross Domestic Product (GDP): Chapter 2.1 of Macroeconomics A European
Perspective [1] (books.google.pt/books/about/Macroeconomics.htm…)
4:45 Distinction between Real and Nominal GDP: Chapter 2.1 of Macroeconomics A European
Perspective [1] (books.google.pt/books/about/Macroeconomics.htm…)
5:08 Definition of economic growth: Glossary of Macroeconomics A European Perspective [1] (books.google.pt/books/about/Macroeconomics.htm…)
6:28 Easterlin Paradox: Chapter 11.1 of Macroeconomics A European Perspective [1] (books.google.pt/books/about/Macroeconomics.htm…)
6:45 Exclusion of externalities: e.g. production of sodas [2] (hbr.org/2019/10/gdp-is-not-a-measure-of-human-…)
7:15 Moving beyond GDP stance from the UN [3] (news.un.org/en/story/2025/03/1161711)
7:35 Frequent use of GDP [4] (noahpinion.blog/p/four-reasons-why-gdp-is-a-us…)
7:45 Poorer nations: GDP correlates to quality of life measures [4] (noahpinion.blog/p/four-reasons-why-gdp-is-a-us…)
8:05 Okun’s Law in Noahpinion [4] (noahpinion.blog/p/four-reasons-why-gdp-is-a-us…)
8:23 GDP per capita correlations: e.g. life expectancy [5] (imf.org/en/blogs/articles/2018/03/07/welfare-v…)
9:37 Definition of Okun’s Law: Chapter 2.4 of Macroeconomics A European Perspective [1] (books.google.pt/books/about/Macroeconomics.htm…)
11:50 Accidents distort GDP: e.g. oil spills [3] (news.un.org/en/story/2025/03/1161711)
12:30 Unpaid household services left out of GDP [6] (doi.org/10.1080/13563467.2019.1680964)
12:47 Advantages of using GDP [4] (noahpinion.blog/p/four-reasons-why-gdp-is-a-us…)
17:10 Definition of inequality
17:53 Introducing the Gini coefficient: Chapter 14 of Macroeconomics A European Perspective [1] (books.google.pt/books/about/Macroeconomics.htm…)
18:45 Against GDP per capita: comparing US and Europe [7] (universiteitleiden.nl/en/news/2025/05/in-searc…)
24:54 Human Development Index definition and what it measures [8] (news.un.org/en/story/2025/03/1161711)
24:58 Genuine Progress Indicator definition [9] (beyond-gdp.world/wise-database/wise-metrics)
25:14 Happy Planet Index and what it measures [9] (beyond-gdp.world/wise-database/wise-metrics)
25:21 Economic wellbeing definition [1] (books.google.pt/books/about/Macroeconomics.htm…)
26:18 HDI considered reliable by SDG Action [10] (sdg-action.org/the-human-development-index-a-b…)
26:45 Criticisms of the HDI by the UNDP [11] (hdr.undp.org/content/human-development-index-w…)
33:29 Study calling the HDI scores “absurd” (ex : Switzerland and Mexico) [12] (doi.org/10.1016/s0921-8009(97)00168-7)
34:53 GPI adjusts economic activity by accounting for environmental degradation [9] (beyond-gdp.world/wise-database/wise-metrics)
35:28 Criticisms of GPI [13] (doi.org/10.1016/j.ecolecon.2013.04.019)
38:24 How the HPI challenges rich countries [14] (doi.org/10.1515/9783110730234-014)
41:03 Trade-offs argument for one index (sections 2.3 and 2.4 of the article) [15] (oecd.org/en/publications/for-good-measure_9789…)
43:09 The Dashboard approach : Infeasibility of replacing GDP[16] (demoshelsinki.fi/whats-going-on-with-gdp)
44:06 Central banks using multiple measures[17] (ecb.europa.eu/press/key/date/2004/html/sp04111…)
44:34 Factors monitored beyond GDP that investors must consider[16] (demoshelsinki.fi/whats-going-on-with-gdp)
45:09 Institutions consult numerous other metrics [16] (demoshelsinki.fi/whats-going-on-with-gdp)
45:11 Takeaway for this section of the debate
46:51 Who could provide a dashboard of measures that everyone knows about ?
47:30 Discussing the difficulty in implementing a single dashboard
48:44 Should we get rid of GDP ?
51:23 Case study : GDP’s behavior and the loss of natural capital [18] (economist.com/the-americas/2025/10/23/the-obvi…)
53:21 Definition of carbon credit markets [19] (climatepromise.undp.org/news-and-stories/what-…)
55:25 Personal takeaways
56:40 Mention of UN’s new indicator for environmental factors [3] (news.un.org/en/story/2025/03/1161711)
References
[1]: Blanchard, O., Amighini , A., & Giavazzi, F. (2021). Macroeconomics A European Perspective 4th Edition Pdf Ebook. Pearson Education, Limited.
[2]: Kapoor, A., & Debroy, B. (2019, October 4). GDP Is Not a Measure of Human Well-Being. Harvard Business Review. hbr.org/2019/10/gdp-is-not-a-measure-of-human-…
[3]: Maigné, J. (2025, March 29). Looking beyond GDP to reach the Sustainable Development Goals. UN News. news.un.org/en/story/2025/03/1161711
[4]: Smith, N. (2022, August 22). Four reasons why GDP is a useful number. Noahpinion.blog; Noahpinion.
[5]: Bannister, G., & Mourmouras, A. (2018, March 7). Welfare Versus GDP: What Makes People Better Off. IMF. imf.org/en/Blogs/Articles/2018/03/07/welfare-v…
[6]: DeRock, D. (2019). Hidden in Plain Sight: Unpaid Household Services and the Politics of GDP Measurement. New Political Economy, 26(1), 1–16. doi.org/10.1080/13563467.2019.1680964
[7]: Hanegreefs, S. (2025, May 13). In search of an alternative to GDP that actually measures happiness and well-being. Leiden University. universiteitleiden.nl/en/news/2025/05/in-searc…
[8]: Looking beyond GDP to reach the Sustainable Development Goals. (2025, April 7). UN News. news.un.org/en/story/2025/03/1161711
[9]: WISE Metrics - Beyond-GDP. (n.d.). beyond-gdp.world/wise-database/wise-metrics
[10]: Lashmar, H. (2025, September 1). The Human Development Index – a better indicator for success? SDG Action. sdg-action.org/the-human-development-index-a-b…
[11]: United Nations. (2015, March 4). The Human Development Index – what it is and what it is not. Human Development Reports. hdr.undp.org/content/human-development-index-w…
[12]: Sagar, A. D., & Najam, A. (1998). The human development index: a critical review. Ecological Economics, 25(3), 249–264. doi.org/10.1016/s0921-8009(97)00168-7
[13]: Kubiszewski, I., Costanza, R., Franco, C., Lawn, P., Talberth, J., Jackson, T., & Aylmer, C. (2013). Beyond GDP: Measuring and achieving global genuine progress. Ecological Economics, 93, 57–68. doi.org/10.1016/j.ecolecon.2013.04.019
[14]: Abdallah, Saamah. “The Happy Planet Index”. Perspectives on the History of Global Development, edited by Corinna R. Unger, Nicholas Ferns, Jack Loveridge and Iris Borowy, Berlin, Boston: De Gruyter Oldenbourg, 2022, pp. 251-258. doi.org/10.1515/9783110730234-014
[15]: Stiglitz, J., Fitoussi, J., & Durand, M. (Eds.). (2018). For good measure: Advancing research on well‑being metrics beyond GDP. OECD Publishing.oecd.org/en/publications/for-good-measure_9789…
[16]: Demoshelsinki. (2025, March 7). What’s going on with GDP? Rethinking economic success. Demos Helsinki. demoshelsinki.fi/whats-going-on-with-gdp
[17]: European Central Bank. (2004, November 11). The ECB’s use of statistics and other information for monetary policy. …