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Symposium 2015

Virtual Library File - Labour’s Living Standards Index – A Step in the Right Direction, But Does It Go Far Enough?

The Challenge

Despite growing recognition from many senior politicians and officials that progress is not just about economic growth, and that economic growth (as measured by GDP) should not be the overriding goal ...

Despite growing recognition from many senior politicians and officials that progress is not just about economic growth, and that economic growth (as measured by GDP) should not be the overriding goal of government, the day-to-day reality is that GDP growth does persist as a central focus. For example, whilst France is recognised as having lead the way in the ‘Beyond GDP’ agenda with the Stiglitz Commission arguing for a shift in focus from production to wellbeing, the French President Hollande was recently quoted as saying "I will do everything to make growth as high as possible.” This primacy of growth risks other objectives, including social and environmental goals, being sidelined. Indeed, whilst economists often say that economic growth is only a means to an end, and that that end is wellbeing, there is reason to believe that some decisions are taken which favour increasing economic growth at the expense of wellbeing.

This is the NEF blog written at the start of our work on headline indicators of success for the UK, setting out the motivation for the proposal and the first set of proposed topics for the indicators.