The concept of Gross Domestic Product (GDP) was developed by Simon Kuznets in 1937 and has been used almost universally since that time. The World Economic Forum (WEF) is an independent international organization committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas. Current reasoning holds that the traditional measure of economic success, Gross Domestic Product or GDP, is too narrow and does not capture true economic well-being, especially in a Post Covid world. Accordingly, the Forum has developed a Dashboard/Scorecard in four dimensions found in their brochure, World Economic Forum, as follows.
Prosperity: Updated GDP, Income and Wealth, Financial Resilience
The Planet: Energy Mix and Emissions, Distribution Issues, Natural Resilience
People: Human Capital – education and skills, Public Health, Social Resilience
Institutions: Institutional Context
Please outline for this discussion board three ways the new measures the Forum has developed are superior to the historic model of GDP. Compare the two. Begin with a brief introduction that explains to your readers what you aim to explain. Follow through with well-written paragraphs that logically support what the Forum is attempting to do. Be sure to include footnotes to your research.
Resource: World Economic Forum link
chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www3.weforum.org/docs/WEF_InstitutionalBrochure.pdf
