44. Beyond Growth Domestic Product?

I recently read an article entitled "Beyond Growth Domestic Product: Social Progress Index versus Happy Planet Index". As we all know, GDP is the global measure of progress. But there are increasing attempts to develop a replacement for GDP that better measures progress, quality of life, and environmental sustainability. A couple of initiates worth a look are the Social Progress Index and the Happy Planet Index.

The Social Progress Index is based on three dimensions:

1. Basic Human Needs: Does a country provide for its people’s most essential needs?
2. Foundations of Well-being: Are the building blocks in place for individuals and communities to enhance and sustain well-being?
3. Opportunity: Is there opportunity for all individuals to reach their full potential?

The Happy Planet Index also has three dimensions:
1. Experienced well-being
2. Life expectancy
3. Ecological footprint

The scores of both Costa Rica and Sweden illustrate the difference between these initiatives. In the Happy Planet Index, Costa Rica is rated the “happiest country in the world”. But in the Social Progress Index, Costa Rica ranks only #12 among the sample of 50 countries, due to poverty and lack of other "basic human needs". In the Social Progress Index, Sweden ranks #1 but only #52 in the Happy Planet Index due to a heavy ecological footprint.

Interestingly, this news article was posted on the Rebuild21 website, which is an annual international conference for "leaders, innovators and entrepreneurs who want to build alliances and drive change". The tagline for the Rebuilds21 conference is "the new Nordic way". It will take place in Copenhagen, Denmark on 22-23 May 2013. Looks pretty interesting!