Economic Indicator

CREATE A NEW, REALISTIC BUT HYPOTHETICAL, SUSTAINABILITY-FRIENDLY, HOLISTIC PROSPERITY INDICATOR (LIKE AN ECONOMIC INDICATOR SUCH AS GDP, UNEMPLOYMENT RATE, CPI, PPI, CURRENCY RATE, ETC). YOU CAN BE CREATIVE AND MAKE A NEW ONE AND NAME IT, OR YOU CAN ALSO MAKE ONE THAT IS A COMBINATION OF EXISTING ONES (YOU SHOULD STILL NAME IT). PLEASE ENSURE THAT IT FOCUSES MORE ON ITS SUSTAINABLE ASPECT. FIND OR CREATE AN INDICATOR THAT WOULD INDICATE THE SUSTAINABLE DEVELOPMENT PROGRESS IN THE WORLD.

TO MAKE THIS MORE SIMPLE, IMAGINE THAT YOU ARE AN ADVISOR TO THE WORLD GOVERNMENT. FORGET ABOUT THE DIFFERENT COUNTRIES IN THE WORLD. MAKE THE ASSUMPTION THAT THERE IS ONLY ONE PLACE AND THAT IS THE WORLD. SO THIS INDICATOR IS USED FOR THE WORLD AS A WHOLE AS OPPOSED TO INDIVIDUAL COUNTRIES.

This way, potential adverse effects on the environment (e.g., water scarcity, global warming) will affect the world as a whole and you cannot simply spend your way out of it by e.g., buying water from elsewhere. Additionally, potential adverse effects on global competitiveness (e.g., one country’s goods remain cheaper because they do not limit pollution from factories) are excluded from our view.

Make a case, argue well, e.g., imagine you are presenting this orally to the world government

WHATEVER YOU PROPOSE, THE INDICATOR HAS TO ACTUALLY WORK. THEREFORE, BE SURE TO INCLUDE THE FOLLOWING SPECIFICS:

– What is your indicator called?

– What is the unit of the indicator (if it has one)?

– What exact metrics does your indicator monitor (i.e., what should be counted within the indicator, how, with what weights?; the actual math of the indicator has to be clear from your essay (verbally or in equations)

– Where will the raw data that is used in the indicator come from?, government data? surveys? be specific

– In what direction should the indicator move year-on-year and why? (increase, decrease, or remain the same?); range and target of the indicator? 0-1?, -1 to +1, 0 to infinity?

HINTS AND REMINDERS:

– Possible references & citations that come to mind: Macroeconomics, past economic crises, SDGs, consumer psychology, social science, anecdotes, your very own concisely argued point, etc.

– Do not think about indicators in different countries, only create a single one for the entire world

– Be practical: An indicator with 100 subcategories that cannot be measured in any remotely objective way … will probably not make you look very good in the world government committee where you argue your case

– Be real: If you believe traditional GDP will never completely go away and shouldn’t, then make that case!

– Assume that targets and actual performance of the indicator over time will be communicated to the public

RECOMMENDATION:

I think what would be a good idea is to start off by discussing a few drawbacks from existing indicators currently used in the world (try to relate to the fact that it counters or does not take into account the sustainable aspect of it all)

Then, what you can do is to make up or create a recommendation of how the indicators should work instead. create a new one or alter the existing indicators/make combinations. Please remember that this would be applied to the world as a whole.

SOME LINKS THAT YOU MIGHT FIND USEFUL:

Existing prosperity indicators:
https://www.cusp.ac.uk/wp-content/uploads/WP20%E2%80%94Measuring-Prosperity.pdf

https://onlinelibrary.wiley.com/doi/epdf/10.1002/app5.132

https://smartasset.com/investing/indicator-definition (this one is a more simplified version that summarizes the different prosperity economic indicators)

sustainable development indicators that you can refer to (this breaks down all the different subcategories of a larger indicator, so it is not really a sustainable prosperity indicator) :
https://www.un.org/esa/sustdev/natlinfo/indicators/factsheet.pdf For more information on Economic Indicator check on this: https://en.wikipedia.org/wiki/Economic_indicator

What Is Ethical Judgment?

 

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