# Alternatives to GDP for measuring wellbeing

Go back to [[Economics main page]]

Taken from the Economic Society of Australia (ESA) webinar **Economic well-being: Is GDP the right measure?** held as part of Social Sciences Week.

Note: There is a national account for digital production. 

- Satellite National accounts are useful for this.
- Should things we don't usually account for (barter, volunteering, breast-feeding etc) be accounted?
- An index of a suite of different indicators (need judgement over weighting indicators).
- Some indicators you could use:
	- Education/Life Expectancy/Income (equally weighted)
		- Versions around development and gender
	- OECD's Better Life Index
		- 11 indicators equally weighted
		- website lets you weight things differently
	- New Economics Foundation's Happy Planet Index:
		- HPI = (Life satisfaction x Life expectancy x inequality of outcome) / ecological footprint
	- ABS Measure of Australia's progress, 2013 - 26 indicators
		- Discontinued
		- Too confusing to promote public discussion
	- NZ includes indicators arround the Maori language, Mauri wellbeing, and indicators based on Maori worldview.