The concept of Gross Domestic Product (GDP) was developed by Simon Kuznets in 1937 and has been used almost universally since that time. The World Economic Forum (WEF) is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional, and industry agendas.[1] Current reasoning holds that the traditional measure of economic success, Gross Domestic Product or GDP, is too narrow and does not capture true economic well-being, especially in a Post Covid world. Accordingly, the Forum has developed a Dashboard/Scorecard in four dimensions as follows.
Prosperity
Updated GDP, Income and Wealth, Financial Resilience
The Planet
Energy Mix and Emissions, Distribution Issues, Natural Resilience
People
Human Capital – education and skills, Public Health, Social Resilience
Institutions
Institutional Context
Please outline for this discussion board three ways the new measures the Forum has developed are superior to the historic model of GDP. Compare the two. Begin with a brief introduction that explains to your readers what you aim to explain. Follow through with well-written paragraphs that logically support what the Forum is attempting to do. Be sure to include footnotes to your research.
Please post at least two well-written comments on the initial posts of your classmates.
[1] https://www3.weforum.org/docs/WEF_InstitutionalBrochure.pdf
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