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4. 4
Slide title
• In your assigned groups, use your notes and
further research on the GDP index and alternative
indexes in answering the following:
• ‘We have an economy where we steal the future,
sell it in the present and call it GDP’. Do you
agree with this statement by Herman Daly?
Justify your answer.
Spend first 10 minutes grouping students in 3-4 per group. Brief them on the structure of the seminar whereby students will have 45 mins to research and discuss the question. This will be followed by 20 mins of classroom discussion on their thoughts on various indexes, how they foresee future progress measurement and what the strengths and weaknesses of various indexes of progress measurement are.
Discuss should include the following:
GDP is limited in its point of view. It takes a short term view and doesn’t account for resource depletion and negative economic, social and environmental impacts that come as a result of positive economic activity.
There are other indexes that think beyond GDP. These include:
Green Net National Product (GNNP) – GDP minus cost of degradation and depletion of resources
Genuine Progress Indicator (GPI) – Personal consumption expenditures plus value of ‘unpaid’ work, capital services and education less costs of inequality, crime, pollution, loss of leisure, unemployment and natural capital depletion.
Wellbeing Index (WBI) – Goes beyond GPI; also considers civil freedom, security, biodiversity, health, justice and self-sufficiency.
These take a more well rounded view.
They account for the future and therefore are better instruments to measure progress. Give a more real picture. For instance, during the 2008 credit crunch, the USA still had very high GDP. It wasn’t representative of true facts as these alternatives might be.
These indexes however are only as good as their accuracy. Some data may go uncollected or may be made up in some countries and so totally unrepresentative of actual progress.
Provide guidance to students on the preparation for next week’s activity.
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