Secretary General of the United Nations Ban Ki Moon agreeed in 2012 suggesting, “We need to move beyond gross domestic product as our main measure of progress, and fashion a sustainable development index that puts people first,” and Nobel Prize-winning economist Joseph Stiglitz said in 2008, “GDP tells you nothing about sustainability.”
Even Simon Kuznets, who first coined the term GDP acknowledged in his original report to the US Congress 1934 that, "The welfare of a nation can scarcely be inferred from a measurement of national income."
Taking up the call for a better, more wholesome way to measure progress, the Social Progress Index, offers a framework for measuring the multiple aspects of social progress based on three dimensions: basic needs for survival, foundations of wellbeing, and opportunity. It does not measure how much money is spent on policies or services that support these dimensions, but rather the experiences of citizens.
Michael Green, CEO of the Social Progress Index, gives the following Ted Talk to explain how the index measures the welfare of societies and what its policy implications are. He reveals a dramatic reordering of nations according to social progress.