All economists and politicians are right that GDP is not the ideal, to say the least, indicator of human progress. Ruchir Sharma is also right that an interim fix is at hand: replace GDP with per capita GDP as the main key measure of progress /FT, 8 November 2021/.
Why don’t we go an extra mile by using the per capita purchasing power parity GDP figure, as we do in central bank’s analysis? Also, why don’t we use a mix of several social and environmental factors, agreed upon by the IMF, OECD, BIS, Eurostat, United Nations, to supplement the improved GDP figures?
A practical step-by-step approach is really better than doing nothing.
Governor Matolcsy, MNB, the Central Bank of Hungary