The NZ PM talking about the problems with GDP and suggesting NZ should look at a broader set of indicators and changing the way it should make decisions, including a well-being budget in 2019.
Living standards | New Zealand Treasury
“Our vision is focused on higher living standards for New Zealanders. Achieving this requires growing the country's human, social, natural, and financial/physical capitals which together represent New Zealand's economic capital. Our vision is to be a world-class Treasury working for higher living standards for New Zealanders.”
Me: NZ (along with others) has been looking at a broader framework than GDP for a while now. The NZ PM is now pushing further ahead in asking the Treasury to think about other non-financial capitals such as human, social, natural etc. It’s an intriguing and possibly a positive development. It ties into many recent blogs on intangible capitals, Cowen’s idea of GDP+ and the idea companies have a lot of other capitals to draw upon.
https://treasury.govt.nz/information-and-services/nz-economy/living-standards
https://www.budget.govt.nz/budget/2018/economic-fiscal-outlook/budget-2019-focus-on-wellbeing.htm
Blog on Intangible Capitals here
Blog on GDP+ amongst other Tyler Cowen ideas here: https://www.thendobetter.com/investing/2018/11/21/tyler-cowen-vision-of-free-prosperous-and-responsible-individuals