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ICELAND: “Well-Being” More Important Than Gdp
Iceland’s prime minister has urged governments to adopt green and family-friendly priorities, instead of just focusing on economic growth figures. Katrin Jakobsdottir (in photo) has teamed up with Scottish First Minister Nicola Sturgeon and New Zealand’s PM Jacinda Ardern to promote a “well-being” agenda.
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Mar 2020Ms. Jakobsdottir called for “an alternative future based on well-being and inclusive growth.” She said new social indicators were needed besides traditional GDP data.
Nobel Prize winning economist Joseph Stiglitz is among several economists arguing that gross domestic product - measuring a country’s production in goods and services - fails to capture the impact of climate change, inequality, digital services and other phenomena shaping modern societies.
Ms. Jakobsdottir said environmental devastation was a key factor driving Iceland to incorporate new social indicators besides GDP in its budget planning.