Genuine Progress Indicator explained by UVM Prof. Jon D. Erickson (video)
If you missed our Annual Meeting, you won't want to miss the video! See it below, or watch it here!
Jon D. Erickson, Professor & Interim Dean at The University of Vermont's Rubenstein School discussed how The Genuine Progress Indicator is emerging as one standard methodology for including costs and benefits in our basic economic accounts in his keynote: Bold is Beautiful: Metrics and Milestones for Charting Progress in the Genuine Economy .
Erickson described how GDP (gross domestic product) ignores many positive contributions to well-being, like infrastructure, the services provided over time by durable goods, and natural resources protection, and how economists and policy-makers alike are questioning the utility of such a narrow metric of progress. He said that a sustainable economy needs more comprehensive measures that reflect the environmental and social realities of our time.
Vermont is one of a small number of states exploring issues and challenges associated with economic and other performance metrics. With its commitment to environmental protection and social justice, Erickson said that it makes sense that Vermont would be in the forefront of a movement to redefine progress.