Human Progress (Paperback)

Measures of progress serve as a crucial link between the economy and the nation's policymaking establishment. Given that the idea of efficient allocation of resources is such a powerful influence in economics, a progress measure needs to account for most aspects of progress so it can serve as a basis for decisions to improve resource allocation. However, the conceptualisation of progress is fraught with difficulties, misconceptions and contradictions. Primarily, the contested nature of the concept leads to a general lack of agreement on a number of issues, such as adopting an appropriate conceptual framework and methodological approach. Over time, the term progress has adapted to reflect needs. So has its measurement. The book sets out to identify aspects of income and non-income generating activity as well as to omit factors that generate income without necessarily contributing to the progress of a nation. The book develops an index that incorporates the meaningful underlying dimensions contributing to national progress.