A new measure of economic wellbeing - Economic Research Forum (ERF)

A new measure of economic wellbeing

A new measure of economic wellbeing

by Stephen Brien   December 17, 2019

GDP per capita is a useful metric of a nation’s average income, but it is widely considered to be incomplete as a measurement of prosperity. This column introduces a new measure that is particularly relevant for the countries of the Middle East and North Africa, namely productive capacity. Accounting for the atypical population structures and high resource rents in the region matters for developing a more accurate assessment of economic wellbeing and people’s lived experiences…. more