I am hoping to get a post together synthesising thoughts about BeyondGDP, monetisation and composite/multiple indices. This should come before I pop over to Paris for the BRAINPOoL final conference on Monday next week. Following my recent post on the ten things I dislike most about GDP I thought, that in the interests of fairness, I would list five things I like about it.
1. It is well defined – we know what it is and, if it changes, that is well documented – and by extension, its weaknesses and exclusions are clear and evdient
2. It really means something – stuff that is created, or things that are done, and sold, at the prices actually attracted.
3. It is not derived in some intangible and implicit way – we do not research people’s ‘willingness to pay’: they actually did pay!!
4. It’s extensible and arguable – everyone can join in the extension game and it gives a fixed point to go forward from; hence ‘BeyondGDP’
5. It keeps people like me employed : )
So you can see, that in a bounded sense, I love GDP – so much, that once upon a time I wrote quite a lot of Section V in this document EAA/EAF rev1.1 : a tiny part of the shoulders upon which the GDP giant is built. If you are brave enough to read it, you’ll see how it illustrates quite well the things I like, as listed above!