English title: National Accounts of Well-being: bringing real wealth onto the balance sheet
Author(s): Juliet Michaelson - Saamah Abdallah - Nicola Steuer - Sam Thompson - Nic Marks -
Type: Report, working paper
This report makes a radical proposal to guide the direction of modern societies and the lives of people who live in them. It says that national governments should directly measure people’s subjective well-being: their experiences, feelings and perceptions of how their lives are going. These measures should be collected on a regular, systematic basis and published as National Accounts of Well-being. A framework for such accounts is presented, using data from the third round of the European Social Survey. The proposal made by the report is inspired by the established national accounting systems that governments currently use to track aspects of their countries’ economic activity. However, it rejects measures of economic activity as sufficient to fully assess the progress of nations. It is a call to fundamentally re-evaluate established ideas of what we should collectively value, and hence what we should measure.
Institution: new economics foundation
Number of pages: 69