Question

Read Beyond GDP: It’s time for the national accounts to put people first. (Links to an external site.) Respond to the following questions: Why does Stiglitz believe that measuring a nation’s well-being should go beyond GDP? What specific policies and societal norms highlight our nation’s emphasis on the factors of production and/or consumption? What steps can be taken at the local and national levels to put greater emphasis on outcomes, like health, education, and the environment? What does scripture have to say about this topic? Find at least one biblical verse to support your comments.

Answer 1

(1)   Gross domestic product's shortcomings as a measure of well-being have been obvious for decades. The organisation for Economic Cooperation and Development published a report based on work of a commission headed by Nobel prizewinning economist Joseph Stiglitz, his French colleague Jean Paul Fitoussi and OECD Chief Statistician Martine Durand. This group was meant to create a dashboard of indicators that go beyond GDP and provide a multifaceted picture of a nation's quality of life. According to Stiglitz and his fellow commission leaders, GDP growth may be necessary to provide the resources needed for strengthening well being, but it is not sufficient, growth that does not benefit most of the population and that is not sustainable is not good growth.

Stiglitz believe that going beyond GDP will help bridge a growing gulf between the statements, assertions and beliefs of the experts and elites, on one side, and the lived experiences of significant numbers of citizens on the other.

(2)   Economists who want to compare the living standards of one country over time often use Gross Domestic Product. It is designed to measure the value of a country's production of goods and services, the metric has four decades provided a critical framework to guide policy decisions that effect people's living standards. But as issues such as the environment and wealth inequality gain political prominence, some economists argue GDP fails to account for important factors of societal wellbeing that are not directly tied to economic production, such as air and water quality, health, education and leisure.

Worldwide consumption and production is a driving force of the global economy, rest on the use of the natural environment and resources in a way that continues to have destructive impacts on the planet. Economic and social progress over the last century has been accompanied by environmental degradation that is endangering the very systems on which our future development, indeed our every survival depends.

(3) The steps can be taken at the local and national levels to put greater emphasis on outcomes, like health, education and environment are the following:

Health​​​​​

• ​​​​​​Work at a free clinic
• Organize a community clean up
• Create resources for mental health awareness
• Offer a community health screening

Education

• Build a school community for all students
• Arranging campaigns to promote the importance of education

Environment

• Keep your garden or greenplace clean
• Stop using plastics.

(4) Many scriptures are created to the topic GDP. The bible says that, whoever is generous to the poor lends to the Lord, and he will repay him for his deed. (Proverbs 19:17)

(5)   2 Thessalonians 3:10 - For even when we were with you, we would give you this command : if anyone is not willing to work, let him not eat.