Genuine Progress Indicator: the well-being of a region
One of the architects of the Gross Domestic Product (GDP), Simon Küznets, cautioned against using the GDP as a measure of the welfare of a nation. Some 32 years after his lament, Redefining Progress, an economic research think tank developed the Genuine Progress Indicator (GPI). For the first time, a holistic measure of the welfare of a nation had been constructed. More on the history of the GPI.
Progress: For Better Or For Worse?
The Genuine Progress Indicator (GPI) measures how well we are doing as individuals, families, communities and as a province using 51 economic, social and environmental indicators. Traditional economic indicators of progress such as the Gross Domestic Product (GDP) measure only one factor — the flow of money through the economy. This means car crashes, oil spills and floods all increase the GDP!
New indicators
The GPI includes indicators such as volunteerism, timber sustainability, and even traditional economic measures such as the GDP. It provides a more balanced picture of progress.
Alberta GPI Updated
For Alberta's 2005 Centennial, Pembina Institute economist Amy Taylor updated 51 summary reports — one for each of the indicators.
For example, contrary to popular opinion, Free Time (one of the 51 indicators) increased 257% between 1961 and 2003. Find out more by reading the Free Time Summary Report, just one of 51 thought-provoking reports on the indicators. The Genuine Progress Indicator will get you thinking about what's really important to your well being and quality of life.
