Since its emergence in the 1930s, per capita Gross Domestic Product (GDP) has been a proxy for our personal well-being. In short, our happiness.
Now two Nobel-laureate economists, Joseph Stiglitz and Amartya Sen, have called for clarity about what passes for well-being. Their landmark report, submitted this week to French President Nicolas Sarkozy, is an impassioned plea to politicians and economists for a broader vision:
Just as money can't buy happiness, per capita GDP can't measure it.