The economy is supposed to be recovering. But millions of Canadians don't see any improvement. Their incomes aren't growing. Their jobs – if they're working – are still precarious. Their lives are no better.
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.