Alternative Measures of Well-Being

This paper assesses if GDP per capita is an adequate proxy as a measure of wellbeing or whether other indicators are more suitable for this purpose. Within the national accounts framework, other better measures of economic resources exist, but they are closely correlated with GDP per capita and are not as readily available. Across OECD countries, levels of most measures of specific social conditions are significantly related to GDP per capita while changes over time are not.