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Endangered EconomiesHow the Neglect of Nature Threatens Our Prosperity$
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Geoffrey Heal

Print publication date: 2016

Print ISBN-13: 9780231180849

Published to Columbia Scholarship Online: January 2019

DOI: 10.7312/columbia/9780231180849.001.0001

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Measuring What Matters

Measuring What Matters

(p.159) 9 Measuring What Matters
Endangered Economies

Geoffrey Heal

Columbia University Press

Measuring and evaluating economic performance is challenging, and the current standard measure, gross domestic product, fails the challenge. It doesn’t capture many aspects of economic performance that are important to human welfare, and totally fails to reflect any concept of sustainability. To ask about sustainability is to ask whether our societies can continue as they are, and for a variety of reasons the answer is clearly no. We have ways of measuring sustainability, and we must adopt these as ways of evaluating our economic performance.

Keywords:   Sustainability, adjusted net savings, gross domestic product, human development index, substitution, wealth, weak and strong sustainability

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