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.
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