Measuring what matters: Improving the indicators of economic performance

Article

Over recent years there has been increasing concern among economists and statisticians, and a variety of commentators and organisations in civil society, about whether the current range of economic indicators accurately measure key aspects of economic behaviour and performance.

This discussion paper sets out two key propositions on rethinking the way we measure the economy and define economic success:

  1. New technologies, business models and economic goals require significant improvements in the measurement of key economic statistics.
  2. New indicators of economic outcomes can better define and measure the goals of economic policy.

Related items

  1. Doctor with patient for consultation, medical advice or procedure at clinic

    Taken to heart: Inequalities in heart disease in Scotland

    More than 7.6 million people across the UK live with cardiovascular disease (CVD), around twice as many as live with Alzheimer’s disease and cancer combined. 
  2. A beautiful sunset in the Scottish highlands with renewable energy wind turbines far into the horizon

    Skills passports: An essential part of a fair transition

    This month, government will publish its Clean Energy Workforce Strategy. This plan covers two aims. First, filling the growing demand for skills in clean energy industries is essential to keep on track to reach the government’s clean power…
  3. The Bank of England is watched over by a statue of the Duke of Wellington seated on his horse

    Fixing the leak: How to end the £22 billion annual taxpayer losses at the Bank of England

    The Bank of England increased its interest rates over recent years, aimed at reducing inflation. But this has also had an unintended effect on the Bank of England’s massive government bond buying – ‘quantitative easing’ – programme.