Bernardo Bortolotti, Carlo Carraro

Does a Paradigm Shift Entail a Change of Measure?,

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This article focuses on the current debate on the reliability of the Gross Domestic Product (GDP) as an indicator of economic performance. The GDP has come to be regarded as the most accurate proxy indicator for economic development throughout the world. It has stood the test of time, but it has to be considered for what it is - the overall market value of all final goods and services made within a country within a given time. It does not measure happiness and well-being, nor the social and civil progress of a country. Measuring these dimensions is a huge challenge, but it is especially important in a time of economic and financial crisis aggravated by global issues such as climate change, poverty and scarcity of natural resources. FEEM's Sustainability Index is a small contribution in this direction.

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