Social indicators for real-life economics

Discusses three approaches to measuring social welfare which might overcome the problems and limitations inherent in the use of GNP statistics. The first is a modified and improved GNP; the second is a quality of life (QOL) measurement arrived at either by condensing statistics into one scale or by using subjective indicators such as how happy people say they are; and the third approach uses social reports which summarise aspects of welfare but does not attempt to give a single statistic. The author argues that the first and the third lines of analysis are of most value and suggest a four-component indicator framework. This comprises: environmental and resource accounts; an adjusted National Product; a household production account; and a social indicator framework. -M.Amos