University of Tasmania, Australia

Measuring Economic Performance and Social Progress: Sustainability Indicators for the 21st Century

There is increasing international recognition from the OECD, World Bank, UN and numerous governments that traditional statistics such as GDP do not adequately provide the information required to inform policy making in the complex modern economies of the 21^st century. A growing literature is now identifying and developing new measurements and indicators of economic development and social progress that are more pertinent to the demands of citizens, politicians and policy-makers. These new measures and indicators seek to create a more reliable compass to steer policy development as it responds to the social, economic and environmental challenges of the 21^st century. This project would review this emerging space in policy research and seek to address two significant measurement challenges: well-being and sustainability, with reference to how these concepts are defined and measured, and how they relate to theoretical concepts such as natural, physical, human and social capital. This project forms part of the Institute for Regional Development’s research program on Strategic Resource Planning.